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I am not self Employed, why am I getting Qualified Business Income deduction?

I do not have 1099-Misc nor did I enter any business Income, Turbo Tax is still providing me with Qualified Business Income as $69 not sure why? I have salaried Income and Dividends and Stocks that's all.

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JulieCo
New Member

I am not self Employed, why am I getting Qualified Business Income deduction?

If you received a 1099-DIV form with an amount in box 5 (Section 199A), then you are receiving a QBI deduction on the REIT dividends.

Per the IRS recently released Notice 2019-07, the following is a definition of the income included in the QBI deduction calculation: 

Congress enacted section 199A (the Qualified Business Income Deduction) to provide a deduction to non-corporate taxpayers of up to 20 percent of the taxpayer’s qualified business income from each of the taxpayer’s qualified trades or businesses, including those operated through a partnership, S corporation, or sole proprietorship, as well as a deduction of up to 20 percent of aggregate real estate investment trust (REIT) dividends and qualified publicly traded partnership income.


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1 Reply
JulieCo
New Member

I am not self Employed, why am I getting Qualified Business Income deduction?

If you received a 1099-DIV form with an amount in box 5 (Section 199A), then you are receiving a QBI deduction on the REIT dividends.

Per the IRS recently released Notice 2019-07, the following is a definition of the income included in the QBI deduction calculation: 

Congress enacted section 199A (the Qualified Business Income Deduction) to provide a deduction to non-corporate taxpayers of up to 20 percent of the taxpayer’s qualified business income from each of the taxpayer’s qualified trades or businesses, including those operated through a partnership, S corporation, or sole proprietorship, as well as a deduction of up to 20 percent of aggregate real estate investment trust (REIT) dividends and qualified publicly traded partnership income.


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