JamesG1
Expert Alumni

Get your taxes done using TurboTax

Did the IRS form 1099-DIV report Section 199A dividends in box 5?  If so, these dividends qualify you for the deduction.

 

See this IRS press release under What is the Qualified  Business Income Deduction?

 

"This deduction, created by the 2017 Tax Cuts and Jobs Act, allows non-corporate taxpayers to deduct up to 20 percent of their Qualified Business Income, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income."

 

If your return has been transmitted and accepted by the IRS, you may amend your Federal 1040 tax return.

 

If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted.

 

If you used the CD/download product, sign back into your return and select Amend a filed return

 

See also this TurboTax Help.

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