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Troubleshoot qualified business income deduction calculations
Use these troubleshooting steps to resolve common issues with qualified business income deduction (QBID) calculations in UltraTax CS.
Schedule C, Business
Schedule C activity doesn't appear on Form 8995-A
: Verify the activity has a Business Name
on the C screen in the Business folder.A business is included in the QBID calculation but doesn't qualify
: UltraTax CS automatically includes Schedule C businesses as trades or businesses for the qualified business deduction. To exclude activities that don't qualify, enter 0
in the Qualified business income (Force)
field on the C-3 screen.Schedule E, Rental
Oil and Gas Royalties (Code 6) don't appear in QBI
: According to Schedule E instructions, you should generally report oil and gas working interests on Schedule C. Oil and gas income from non-working interests typically qualifies as investment income. If you determine that a royalty qualifies as a trade or business instead of an investment, use the Qualified Business income (Force)
field on the Rent-2 screen to include it.A rental doesn't calculate QBI despite being marked as a Section 162 trade or business
: Verify the property type on the Rent screen. UltraTax CS excludes these property types from QBI calculations:- Vacation/Short-term rentals
- Royalties
- Nonbusiness personal property
- Properties with foreign addresses
The Qualified Business Income Calculation Worksheet in Schedule E Form View will display this statement after line 10:
This activity is not a trade or business for QBID
.Schedule F, Farm
A Schedule F activity appears in the QBID calculation but doesn't qualify
: UltraTax CS automatically includes Schedule F activities as trades or businesses for the qualified business deduction. To exclude activities that don't qualify, enter 0
in the Qualified business income (Force)
field on the F-3 screen. For rental and farm rental activities, determine trade or business status on the 4835-2 screen.Schedule K-1, 1065 and 1120S
Multiple activities from a single 1065 combine into 1 K-1 instead of separate activities
: To import each activity separately in the 1040 return:- Go to.FileClient PropertiesAdvanced Properties
- MarkElect to import the data share of 1065 Schedule K-1's by the per activity method, in lieu of the single K-1 method.
The
: Verify that you marked the Specified service business
checkbox on the K1QBI screen isn't marked automatically during data shareSpecified service business
checkbox in the activity's QBI screen in the 1065 or 1120S return.This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual