My 2024 TT program included Investment Interest Income in the total QBI calculation, but this income was from investments, and not from the trade or business. On the S Corp K-1, line 17, the code is A, and shows as investment income, but the program includes it in total QBI.
I think this is incorrect, since my CPA did my taxes this year and it didn't match what I had on my Turbo Tax. His form did not include it in total QBI,
Source, AI:
interest income received on accounts or notes receivable for services or goods provided by the trade or business is considered properly allocable and therefore included in QBI. However, interest income received on working capital, reserves, and similar accounts is not considered properly allocable to a trade or business and is excluded from QBI.
Am I wrong or is there a glitch in the program?
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9 days and still no answer. Must be a glitch.
4 weeks and still no answer. can someone respond?
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