Hi – I am confused by the new QBI deduction. I am a retired senior who owns a small farm where I grow grain. Another person and I share the cost of planting & growing the crop and then split the harvest. My portion amounts to approx $15K profit on a gross income $37.6K which I report on Form 4835. This year, TT is calculating my QBI deduction as approx. $3K and forcing me to take this amount plus my itemized deductions instead of the Standard MFJ $27K deduction. Since my itemized deductions are very small, this is really hurting me. Is there some way to elect using the standard deduction even though I may qualify for the QBI deduction?
Thanks in advance for any advice!
