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Urban Tax
Level 1
July 10, 2020

QBI calculation

  • July 10, 2020
  • 2 replies
  • 8 views

I have a client who is a partner in a law firm and his QBI calculation takes the business income from his 1065 and subtracts a prorated amount of half of his self-employment tax deduction and his retirement contribution.  Why are these two amounts being prorated?  I can not figure out the calculation and there is not a worksheet in Lacerte to show this reduction.

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    2 replies

    D
    Dave9
    Level 2
    July 10, 2020

    Both of those items would be allocated proportionally between any activities with net self-employment income. 

    M
    mdambacher
    Level 3
    July 10, 2020

    The one-half self-employment tax and retirement contributions deduction will be allocated to the partnership based on the amount of self-employment income minus any guaranteed payments from that partnership. For example, if the partner's total self-employment income from the partnership is $10,000, but there are guaranteed payments of $7,000, then 30% of the one-half self-employment tax and retirement contributions deduction will be allocated to the partnership.

    Michael D

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