If you are qualified to take QBI, the 8995 form will generate automatically.  if you are qualified to take QBI income, Box 17 on your K-1 with code V will be filled in and the amount of QBI you are entitled to. Report it exactly the way it is listed on the form. 

Thank you ... I am still filling in my forms for Turbo tax so the form 8995 has not yet appeared ... I will reply again when I complete my input after Feb 15th but your suggestion appears to agree with the K-1 instructions so Good help!

I have been waiting for a couple of weeks to file my return and it is preventing me because the 8995 is not available.  I know that I am not eligible for the deduction because our MFJ income is over the $320k threshold.  Any way that I can override the system and not void any guarantees if I know I don't want to take the deduction.  I still want to efile regardless.  They have moved the estimated date from 2/5 to 2/12 and now to 2/20 and I am due a substantial refund.  Any ideas? 

There is no Code V for Box 17 in Turbo Tax that I see...  and it is not transferring over my QBI so I can get the deduction.  Any ideas?

Form 8995 became available yesterday so it may take 24-48 hours within TurboTax, but Form 8995-A may be required for your deduction calculation and is not available through IRS yet, so it is not available in TurboTax until it is approved.

Here is a screenshot from the IRS website:  

Make sure you marked your income as qualified in TTBusiness.  You do that in step by step, after the "deductions" section, a few pages later.

First of all, I've been using TurboTax since it came to market 20-something years ago. with that said, I can definitely see my way around the program{s}.

This year, TT has got some VERY serious QBI-related issues... and their "DO NOT FILE" warnings for forms that are not yet ready ARE NOT reliable.

1. A couple of days ago, TT allowed me to file a 1041 Simple Trust return without any kind of a warning that forms were incomplete or missing. I filed it and then compared it to last year's return... they were VERY different in terms of the pages/forms used and the calculations performed. SO, I went in and built a new 1041 return using the previous YEARS (2018) 1099 numbers with TT Business 2019, so I could see if TT 2019 could duplicate the return from 2018. RESULT????: ----->>>> different calculations, forms missing, etc. I got on the phone with their CPA assistance program and he informed me that many of the QBI forms and calculations are STILL NOT READY and that I should have gotten warnings from TT that I should not file the return yet. I told him that I got NO "DO NOT FILE" messages. When he remotely viewed my returns, he was definitely surprised that I had been right. Information he was given during our phone call was that multiple QBI (and other forms) would not be ready until 2/21/20. Problem is, the proper "DO NOT FILE" messages from TT are NOT appearing where they should be in many cases.

2. I've done the exact same 1041 Trust return for many years. Income in the trust is mineral royalties. All income is distributed to the beneficiary. For the 2018 tax year (the first with QBI) TT generated a 199A Statement as part of the K-1, indicating the total net income was a certain amount AND included the depletion claimed in the numbers on the 199A statement.  THIS YEAR, there is no 199A statement with the K-1 but line 14i still has an entry: STMT...which means a statement should also follow. AND THEN, the numbers that do print out to a 199A summary form in the return documents are deducting the depletion even though it is being paid to the beneficiary.

3. SO, when I rebuilt this year's return for yet a 3rd time I answered "NO" to the question (paraphrasing) "Is this income eligible for QBI deduction consideration?" which popped up after the entry of each payor's 1099-misc, figuring I'd just get rid of the QBI question altogether. SURPRISE? all of the income that I entered was STILL being treated as QBI income. So, TT didn't allow me to bypass the QBI deduction. WHAT IF THE INCOME WASN'T ELIGIBLE FOR QBI DEDUCTION CONSIDERATION? TT would have me claiming a deduction for which I wasn't eligible.

Like I said.... some serious issues as yet unresolved AND unacknowledged in a useful way.

Today is 3/29/2020 and IRS Form 8995 is nowhere to be found in TT Business. It doesn't generate atomatically. I don't understand why Intuit wouldn't display some kind of warning that they don't include Form 8995. They only prepare the 199A Statement. I've checked that QBI applies and SSTB is checked. Box 17 on the K-1 does have code V. I do have the most current software version. Maybe it's because Form 8995 is only in TT and not TT Business. So Frustrating!

TurboTax Business includes Form 8995 and Form 8995-A.

To generate the Form 8995 you need, go to Forms mode (icon top right in blue bar) and find your "K-1 S Corp" form in the left column.  Click on that K-1 S Corp and it will open up in the window.  Scroll down to Section D1 and in the applicable boxes enter the information on  the "box 17 code V Section 199A Statement or "STMT" that came with that K-1.

The information you enter in Section D1 will flow to D2, then to the QBI Component form, then to the QBI Ded Summary, then to the Form 8995/8995-A.

If you haven't updated your TurboTax Business recently, in the menu at the top choose Online>>Check for Updates.

@Beehive

Thank you for your explanation, but when I click on Forms and on my K-1 S Corp there's no Section D1. Box 17 code V STMT is there, but cannot find Section D1?

Here is the correct procedure in reporting a K1 Box 17 Code V:  

Here is the order that should appear in your return in Box 17

1. If there is a V, select V in the drop down and leave the $ blank.
2. Next screen asks about the risk.  indicate you are at risk
3. Then there will be a screen that appears that says, We see that you have 199A income.Here you have three choices to make.  pick one that is applicable to you.
4. This screen will say "we need more information about your 199A income.  Check your statements to see what kind of income it is. Once you find out, there are several choices for you to select on this screen. When you make one or more selections, there will be a drop-down box for you to enter the dollar amounts. 

Don't try to enter this in the forms itself.  Enter this in the step by step interview mode.  Just remember, you need the information from the supplemental statements that you received in your K1 to enter the Box 20 code V information

Thank you for the information, but for some unknown reason when I clicked on the V there was no drop down list box. I just gavethe K-1 to my CPA and he entreated it into his software in minutes. All is well. Thanks again!