Get your taxes done using TurboTax

@aws316 (also tagging @PSmith1260 since QBI carryovers were in that post too)

 

I've noticed the same thing re 2018 not getting carried over.  I don't know if it was a problem with 2018 (I recall that there was discussion in the forum about how to trigger even recording it in the interview, let alone having TT handle it), or something in 2019 not carrying it over.  Either way, I haven't been letting TT auto-populate the carry over:  I've gone back to the old K-1s to get the right numbers for 2018 and 2019 whenever this comes up.

 

As to exactly what the MLPs are reporting with line 20A -- whether it includes or excludes 1231 losses -- I haven't been able to figure it out.  Some definitely don't.  Others might.  My suggestions:

  • If a MLP isn't contributing to the deduction this year (just carrying over to next year), then re-examine next year when the MLPs may get more consistent or provide more verbiage to spell it out.
  • Since the QBI deduction is income limited (as shown on the QBI Deduction Summary), it may not matter.  If someone is maxing out regardless, then just be conservative.
  • If it matters to this year's taxes, you could submit the question directly to the partnership, or consult a CPA, to try and get an answer that could be defended if challenged.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!