QBI and MMLLC

Hello, I am one of a two-member LLC. As such we report our net results on Form 1065 along with Schedule K/K-1.

The net earnings passes through to each of our Forms 1040 and Schedule E. When we get to the QBI form, the software says we are not eligible. Each of us earned about $20k. I am not clear on why a pass-through business would not be eligible for the QBI.

9010

Level 15

Sep 3, 2024 2:10:33 AM

in your situation there is no QBI deduction on the 1065 rather there should be info coded ZZ which gets enter in your 1040. Complete QBI section on the 1040 k-1 worksheet. the QBI deduction is only at the 1040 level.

I don't know enough about the business version of the app to tell you what needs to be done to have the k-1s include this info.

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QBI and MMLLC