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GreenApple123
Level 3

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

1 Best answer

Accepted Solutions
AmyC
Expert Alumni

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.

 

Federal form availability

State form availability

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6 Replies
AmyC
Expert Alumni

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.

 

Federal form availability

State form availability

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

DJKyrpos
Returning Member

Is there a way to turn off QBI deduction ?

This question is still unanswered.  My business is not eligible for a QBI deduction (I am living/working from overseas, so my income is non-U.S.-based).  Turbotax is claiming the QBI deduction, but I need to turn this off (I'm using the Foreign Earned Income Exclusion instead, right now, TT is trying to claim both QBI and FEIE).  

Where/how in Turbotax do I turn off QBI eligibility?

LinaJ2020
Expert Alumni

Is there a way to turn off QBI deduction ?

I am attaching a TurboTax discussion link for your reference.  Click here:  QBI deduction turned off

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jellins1
Level 1

Is there a way to turn off QBI deduction ?

This is maddening.  There is no where to turn this off, for Rental Income.  I'm not a Real Estate Professional, and I do not spend anywhere close to 250 hours a year on my rental properties.  I've now wasted 3 hours on this.  

 

Hal_Al
Level 15

Is there a way to turn off QBI deduction ?

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Rentals & Royalties
Click the Update button
On the "So Far You're not a Real Estate Professional" screen check None of the Above
On the "Rental and Royalty Summary" screen click Edit next to your property

On the "Review your (property name) Rental Summary" screen click Done with Rental  property

On the "Any Other Situations" screen click Continue

On the "Your profit or loss so far" screen click Continue

On the "Do you want to use a safe harbor to qualify this property for a deduction" screen, check none of these apply then click Continue

On the "Is this Qualified Business Income" check no then click  Continue

 

jellins1
Level 1

Is there a way to turn off QBI deduction ?

Thank you.  Your answer is correct.  I was able to connect with the Help Desk, who also provided the answer.

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