ThomasM125
Expert Alumni

After you file

There must be a reason the law practice net income is not being reflected as qualified business income (QBI). If you are reporting that income off of a K-1 schedule, for a partnership or S corporation, you need to look at the entries in box 20 (code Z) on a partnership K-1 and box 17 (code V) on an S corporation return to insure that you entered the correct QBI income.

 

If you are working as a sole proprietor, you need to make sure your income qualifies as QBI. You will see a question asking if your income qualifies for QBI after you enter your income and expenses. If your income is over $214,900 single or $429, 800 joint filer then your income does not qualify for QBI treatment. Also, capital gain income, dividend income, self-employment tax, self-employed health insurance and retirement plan contributions can limit your QBI income.  

 

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