So this is new to me. My 1099-DIV shows $4.28 of Section 199A dividends in box 5. That apparently flows to form 8995 as "REIT" income, generating a $1 QBI deduction which is carried over to form 1040, line 13. It doesn't change my tax or tax refund at all, but it is blocking me from filing -- if I wanted to -- because the 8995 isn't ready. But it seems ridiculous to have to claim a $1 deduction because one of my mutual funds invested some tiny percentage of a business that paid me a $4 dividend. Is this really correct?
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You can omit the amount in Box 5 and pass on the QBI.
@Bsch4477 wrote:
You can omit the amount in Box 5 and pass on the QBI.
Doesn't that short me $4 of income, or is box 5 money included in one of the other amounts?
Enter the qualified REIT dividends paid by a REIT or section 199A dividends paid by a RIC to the recipient. This amount is included in the amount reported in box 1a. Include REIT dividends (other than capital gain dividends and qualified dividends) for which it is impractical for the REIT to determine whether the recipient has met the holding period requirement described in Regulations section 1.199A-3(c)(2)(ii). See Qualified REIT dividends, earlier.
The TurboTax site claims that the form will be available February 18.
@Bsch4477 wrote:
x 5. Section 199A Dividends
Enter the qualified REIT dividends paid by a REIT or section 199A dividends paid by a RIC to the recipient. This amount is included in the amount reported in box 1a. Include REIT dividends (other than capital gain dividends and qualified dividends) for which it is impractical for the REIT to determine whether the recipient has met the holding period requirement described in Regulations section 1.199A-3(c)(2)(ii). See Qualified REIT dividends, earlier.
The TurboTax site claims that the form will be available February 18.
8995 is supposed to be available later today, unless they changed it in the last hour. 8995-A is a couple more weeks.
But, if box 5 is already included in box 1, I guess I can delete it.
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