orova
New Member

I am doing trial and error with the new QBI deduction and is not transferring from Schedule C to Form 1040. I see the QBI summary sheet where it says 20% = zero. Why?

 

Business & farm

Because the program is still not fully functional and will not be for some time now.


These first releases of the program are usually very buggy ( you are the beta testers even if you don't know it) and will require MANY updates before it becomes fully functional which usually will not happen until late January or sometime in February depending on the forms you need.  So patience will be needed as the IRS has not even announced when the 2019 filing season will start

 

This  past tax year, not only did the IRS have to rewrite a ton of tax code due to the late changes made in Dec of 2017  but the fools in Congress required they also toss out all the old form 1040 forms  for the new "1040 Simplified" version ( which is anything but simplified since it adds 6 new schedules) and  all these changes have the IRS way behind the normal timeline so expect things to not only run late but they will be VERY BUGGY so the smart money is on the patient person who waits to file until most of the errors have been corrected.  Last time this happened many of the early filers had their returns lost or delayed for months so don't be in a hurry to jump off that cliff.

 


orova
New Member

Business & farm

i do not recommend the answer.

Business & farm

You may not recommend it, but it is accurate.

Did you fill out the QBI section on Schedule C?  If so, you likely just need to wait until they complete the QBI programming, probably in early-to-mid January.

Business & farm

The new 20% QBI deduction is available to Sch C filers and when the program is fully updated sometime late January at the earliest ... you will see the deduction happen automatically. 

The new section 199A deduction propagates from the QBI Deduction Summary to the 1040 Worksheet to Form 1040 line 9.

What is the new 20% QBI Deduction
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4499030-what-is-this-new-20-business-deduction">https://ttlc.intui...>

If you have the Desktop program you can switch to Forms and look around.

Business & farm

Last day of the month, and still no patch/update. Come boys, get with it.
RWELLSCPA
New Member

Business & farm

My guess is it's not Turbotax who is the culprit.  The Congressional tax committee has not written major legislation for 31 years! They are bloody amateurs, and what we have is a big complicated mess that is indecipherable. There are about 80 issues waiting for the experts to analyze and decide upon.  They are way, way out in the tall weeds, fellas.  There is no way they can repair 80 issues before April 15. Hold on tight... Trump will blame the Dems.

Business & farm

I just printed out my entire 1040 and no entry for my LLC deduction in QBI.  Are you all saying Turbo Tax still is not updated properly?  I've hit update several times.  Do I need to do something further?  I've been doing searches for an hour now.  ??

Business & farm

QBI for Schedule C has been working for quite some time.  Or are you talking about a QBI deduction for a Partnership?

Have you confirmed the deduction is not showing up on Line 9 of your Form 1040?
Have you gone through the error check to check for errors?
Have you confirmed that Line 31 of Schedule C shows a profit?
Have you checked if your tax return shows "taxable income" (not counting Capital Gains) before the QBI deduction (Line 7 minus Line 8 of the 1040, then minus any capital gains)?

Business & farm

  I have a single member LLC and it's not a complicated business.  I'm using Turbo Tax for Home and Business and have been for years now.  I'll have to go back to all the questions you asked above and double check.  I'm also looking at all the Forms / Worksheets now where you have to answer questions / check boxes.