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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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.
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.
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?
I am attaching a TurboTax discussion link for your reference. Click here: QBI deduction turned off
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.
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
Thank you. Your answer is correct. I was able to connect with the Help Desk, who also provided the answer.
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