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Business & farm
so I was able to pull up a printable copy of the K1 information. There is a Statement A - QBI pass-through entity reporting page that list's each partner's portion of the income, with a 0 in Section 199A dividends box (they are listed under 1065, line 22. However, there is not a calculation of the dollar amount that can be claimed as the QBI.
My question is....should the dollar amount that can be claimed as QBI show as being calculated on the K1 that is distributed to each partner, or is the K1 just stating that the income is QBI eligible, and then the TurboTax home and business that I'll be using to file our personal taxes calculate the actual amount of QBI that can be deducted?
Thank you!
‎January 22, 2022
7:45 PM