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Just want to confirm that as of 1/27/19, TT Online did not have the functionality to calcuate QBI. I'm 99% certain we qualify but don't see the calculation in TT
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June 5, 2019
11:37 PM
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The testing that I've done with the latest release (R14, 1/24/2019) seems to show that the functionality is there and that TurboTax is calculating QBI for all three types of pass-through entities. However, TurboTax is still treating any tax return with a Schedule K-1 entry as not yet ready for filing.
Previous releases of 2018 TurboTax did not create all of the linkages necessary to calculate QBI, so if you entered self-employment income or a Schedule K-1 using an earlier version of 2018 TurboTax, you likely need to go back through all sections related to the entry of the information regarding the pass-through entity so that the proper linkages will be established.
June 5, 2019
11:37 PM
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It is income from K-1. I don't see it calculating yet, but not ready for filing anyway so I'll recheck in a month or so. Thank you!
June 5, 2019
11:37 PM
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Even though it's not ready for filing, you should still be seeing the QBI deduction on Form 1040 line 9 if you qualify. Be sure to go back and step through the entry of the Schedule K-1. Make sure that your Schedule K-1 has an entry with code Z in box 20 (if it's a from a partnership) or code V in box 17 (if it's from an an S corp).
June 5, 2019
11:37 PM
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Gotcha! I just ran my P&L and plugged the net income into TT Premier for K-1 to get a feel for where we'll be for the tax year (haven't issued the K1 yet). Didn't realize there is a Code V box that needs to be pulled in with the K1 to calculate the QBI. Thank you for the insight!!
June 5, 2019
11:37 PM
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I did input code V box, but my 1040 still shows empty on line 9. Can you please tell me why?
June 5, 2019
11:37 PM