Solved: QBI -- Coop Qualified Payments

clayinnd · ‎02-05-2019

Lacerte has no entry in the partnership program nor the 1120-S module to enter

QBI allocable to qualified payments received from coopertive or an entry for W-2 Wages allocable to qualified payments received from a cooperative.

Thus, the program will not calculate the correct QBID for Partnership or S Corp farming returns.

What a mess

Kathi_at_Intuit · ‎02-12-2019

We are aware and these inputs will be coming in a future update of Lacerte for the 1065 and 1120s tax modules. As a workaround this information could be entered in supplemental information. If you are not sure how to enter in this information, type "supplemental information" in the Search box in the upper right of Lacerte, it would bring up these knowledge base articles:

Entering Partnership Schedule K-1 Supplemental Information for Partners

https://accountants-community.intuit.com/articles/1608631&src=lsccom

Entering 1120s K-1 Supplemental Information

https://accountants-community.intuit.com/articles/1609412&src=lsccom

View solution in original post

Kathi_at_Intuit · ‎02-12-2019

We are aware and these inputs will be coming in a future update of Lacerte for the 1065 and 1120s tax modules. As a workaround this information could be entered in supplemental information. If you are not sure how to enter in this information, type "supplemental information" in the Search box in the upper right of Lacerte, it would bring up these knowledge base articles:

Entering Partnership Schedule K-1 Supplemental Information for Partners

https://accountants-community.intuit.com/articles/1608631&src=lsccom

Entering 1120s K-1 Supplemental Information

https://accountants-community.intuit.com/articles/1609412&src=lsccom

markdikeman · ‎02-13-2019

When is this expected? Many farm returns need to be filed by March 1 to avoid underpayment of estimated tax penalties!

Kathi_at_Intuit · ‎02-18-2019

There is no estimated time when this will be added.

mv_willows · ‎02-18-2019

I have the same issue as I have a number of farmers with returns due March 1st. I follow Paul Neiffer from CliftonLarsonAllen regarding farm tax issues. He said that he was expecting to give an example of the supplemental info in his Farm Tax Network email subscription this week. It costs $$ for the subscription, but it might be worth it to meet the March 1 deadline.

Kathi_at_Intuit · ‎02-28-2019

Just received this and thought that I would share:

https://content.govdelivery.com/accounts/USIRS/bulletins/2331db1

QBI -- Coop Qualified Payments

©1997-2024 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.