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Not applicable
posted Jan 27, 2020 2:43:50 PM

What is QBI and how do I fix it?

Im getting this one check entry before I file my federal return:
Schedule C: QBI Passive Carryforward - There are one or more disallowed/suspended loss values on this Form/Worksheet (although this field may be blank). These are not yet fully supported by the program. This will be enabled in a subsequent release.

What does this mean? No matter what number I put, it keeps coming back needing to be fixed. Why does it say this will be enabled in a subsequent release?

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1 Replies
Expert Alumni
Jan 27, 2020 5:53:36 PM

The Qualified Business Income (QBI) calculations are not yet available in TurboTax, due to late changes in the regulations by the IRS. The QBI deduction allows you to subtract a portion of your self employment income or income from an LLC from your ordinary income reported on your tax return. 

 

The program should be updated by February 5, 2020 to allow for the correct calculations in the program. You will have to wait until the program has been updated to properly report your taxable business income.