QBI Aggregation for Two Businesses

Yam243
Yam243 Member Posts: 1 Newcomer
in Filing my taxes

I’m using FreeTaxUSA and have a question about QBI aggregation.

I have two businesses for the tax year:

A sole proprietorship reported on Schedule C

An S corporation reported on a K-1

Assuming both businesses meet all of the IRS requirements to be aggregated for QBI purposes, how do you actually enter the aggregation in FreeTaxUSA?

I’ve entered the Schedule C and K-1 separately, but I’m trying to determine where/how FreeTaxUSA allows you to designate the two businesses as one aggregated business for the QBI calculation.

Has anyone successfully aggregated a Schedule C business and an S-corp K-1 in FreeTaxUSA? If so, what steps did you follow?

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Answers

  • CG71065_AOL
    CG71065_AOL Member Posts: 3 Level 3

    I had this same problem last year on a client's return. I didn't find the answer in FreeTaxUSA. I had to use an entirely different App to get the situation taken care of. It ended up costing the client more money. I bookmarked your question hoping to find a resolution in FreeTaxUSA. I have been using FreeTaxUSA for more than 15 years. So yes, I would like to stick with FreeTaxUSA regarding S Corps. ☺️

  • MatthewD
    MatthewD FreeTaxUSA Admin, FreeTaxUSA Agent Posts: 1,048 image
    Hello Yam243,

    I am sorry, but FreeTaxUSA does not have a method to aggregate the QBI for two separate related businesses. The 8995 will report the amounts on one form.

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