K1 Taxes

Forum|Forum|1 year ago
April 4, 2025
1 reply
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I have filed the appropriate K1 tax information on my personal tax returns this year. My two questions pertain to the following: my company said they would pay me back for the federal and state taxes that i had to pay as a result of the K1 income.

Is that repayment back to me not income since it was a tax expense I previously paid, and thus not taxable?

Second, my accountant did the QBI (qualified business income) deduction back on section 199 code V? Is there any issue with the accountant doing that?

Not A Product Question

JamesG1

If you are paid $200 in calendar year 2025 for the income tax related to the 2024 K-1 income, you will record that $200 expense next year when you record the 2025 K-1.

At the screen Describe the Partnership, select I am required to pay supplemental business expense...

The Qualified Business Income Deduction is a valid entry. See explanation here.

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