Lookback Interest Calculation and QBI - Spidell

Lookback Interest Calculation and QBI

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Message Board Lookback Interest Calculation and QBI

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      Anonymous
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      When we get a K-1 that has information to prepare Form 8697 Interest Computation Under the Look-Back Method for Completed Long Term Contracts, we always save a new version of the prior year return and just plug in the income or deduction that is noted on the K-1 to figure out the change in tax.

      It hit us this year that maybe we should be increasing or reducing QBI as a result of the “lookback”.  I don’t really see anything on this issue.

      Does anyone have any comments, or citation if this is addressed somewhere?

      Thanks so much.

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