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Is there a way to turn off QBI deduction ?
Is there a way to turn off (or not to select) QBI deduction computation? If yes, what's the name of the form(s) and Line number?
Thanks
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Is there a way to turn off QBI deduction ?
I attend IRS seminars and have heard them say numerous times that taxpayers are supposed to take every deduction to which they are entitled. There is no opt out button. If you deserve a 20% deduction, you get it. I encourage you to determine if you deserve it, here is a press release from the IRS.
The QBI form is not approved yet. The state and federal governments approve the most common forms first and work their way down the list. Please see the links for form availability. Once a date shows up, the reality should be close. Once released, Turbo Tax will work quickly to get it working in the program. QBI is near the bottom of the list with an expected release date of February 5, 2020.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Is there a way to turn off QBI deduction ?
I attend IRS seminars and have heard them say numerous times that taxpayers are supposed to take every deduction to which they are entitled. There is no opt out button. If you deserve a 20% deduction, you get it. I encourage you to determine if you deserve it, here is a press release from the IRS.
The QBI form is not approved yet. The state and federal governments approve the most common forms first and work their way down the list. Please see the links for form availability. Once a date shows up, the reality should be close. Once released, Turbo Tax will work quickly to get it working in the program. QBI is near the bottom of the list with an expected release date of February 5, 2020.
**Mark the post that answers your question by clicking on "Mark as Best Answer"