I want to take advantage of the deduction for 20% of REIT Dividends (Qualified Business Income as reported on 1099-DIV). I am well under the income limits for this deduction.
However in 2018, TT gave me a $0 QBI deduction. TT entered my "Income Before QBI Deduction" from 1040, line 10 - that is correct. Then it entered a larger amount for the "Net Capital Gains" for the next line of the QBI Deduction Summary Form. The worksheet that calculates the deduction is not obvious and if you weren't looking for it you wouldn't see it.
There is no click-through on that line and so I can't see where TT is pulling it from and it's MUCH larger than my actual Net Capital Gains. It seems to me that Net Capital Gains should be the same as Schedule D, line 22.
So this seems like a TT error. Anyone check their 2018 to see what happened?
Where does TT pull Net Capital Gains from in order to calculate the QBI? Why it is so much larger than my actual Net Capital Gains (Schedule D/Schedule 1, line 13)?
Can anyone shed light on what TT did in 2018 so I can look for it i for 2019 taxes? Thanks!
