turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

marief
Returning Member

QBI Deduction and TT software

I am new to TT software.  I used mostly the step by step.  I can't figure out if there is a glitch in software or if I am doing something incorrectly.  My understanding is if I have Accounting 1099 income that would be possibly reduced as this is SSTB type business.  Which it seems to do correctly.  Then I have 2 rental properties that I am still trying to figure out where I fall under IRS rules but lets say they are QBI, both of them have losses , I click the correct button to say YES QBI, one of them calculated a QBI calculation as if it was a gain ? even though I am showing a loss and gives me a QBI deduction on 1040(with applicable threshold calculations) and the other property loss brings through a zero and ignores the loss calculation not impacting QBI in any way this year.  Am I correct in saying if I decide that these 2 properties meet the QBI rules this year and both have losses , they should be ignored in the software for QBI (no increase or decrease of QBI) and just be recorded as a loss carry forward on form 8582?  Is there any reason one loss would give me QBI deduction (and subsequently increase my refund ) and the other loss do nothing?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

QBI Deduction and TT software

i'll bet there is a minus sign in front of the number you're seeing for QBI after you answer YES.

marief
Returning Member

QBI Deduction and TT software

Yes I think there was because it is a loss and the system pulled it from schedule E.  So am I correct in understanding that the system does not know better when using detailed walk through questions?  That a loss should not generate a 20% QBI deduction.

 

Because when I clicked yes to test it for the other property which also has a loss (not in the walk through questions) it put in zero and did not calculate a QBI, it ignored it.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies