Question

QBI income is doubling up

Forum|Forum|6 years ago
April 3, 2020
1 reply
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I have a Schedule C business with QBI and also K-1 royalty income that has QBI. If I answer "y" to the question of "is this a qualified trade or business" for the K-1 income under the questions on the QBI worksheet, then it adds the Schedule C net profit to the k-1 net profit AND it adds the k-1 net income in again. I have to answer the question "n" to get the numbers to calculate correctly but then it generates the safe harbor report for the k-1 income and this is not a safe harbor situation.

TurboTax Home & Biz Windows

DavidS127

Check the entries you made when you entered your K-1, in particular the screens where your QBI information is entered into TurboTax. Make sure the same K-1 income item was not entered twice on one of the two screens shown in these screenshots: