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The 8995 form disappears from saved returns after updating on 3/21

I have some returns saved with QBI deduction and form 8995 from 3/1 and 3/10. Started TT today (3/21) and it updated, and now the QBI deduction is gone, the 8995 is missing in one return that has only Schedule E QBI, it is present in one that has REIT income, but the Schedule E data is missing.

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Expert Alumni

The 8995 form disappears from saved returns after updating on 3/21

The issue you are having has been reported for investigation.  

 

As a "workaround" for your issue, go back through the Step-by-Step interview for your Schedule E and you will see a screen requesting Business name and EIN.  Enter Not Applicable in the box for Business name, and your Schedule E QBI deduction will calculate correctly.

 

You can do this in TurboTax Download/CD in Forms mode on the QBI Component form for each Schedule E by entering Not Applicable in the first box, "aggregate trade or business name".

 

@frustratedSchE

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Expert Alumni

The 8995 form disappears from saved returns after updating on 3/21

You'll need to look at certain forms in your return, related to your Schedule E, to diagnose "what happened" in your QBI deduction calculation. 

 

If you are using a Download/CD version of TurboTax, you can look at these forms in Forms mode (icon at top right in blue bar).  Look in the left column to find the form, and when you click on it the form will open up in the window.

 

If you are using TurboTax Online, you'll need to "print or preview" a PDF of your tax returns with the worksheets to perform this analysis.

 

Find your Schedule E Wks and scroll down just past line 22 to find the Qualified Business Income Deduction Smart Worksheet

 

Check question A to ensure your Schedule E is linked to the correct QBI Component worksheet.  Then, check the information for questions E through J to follow "what happened" in your QBI deduction calculation.

 

Next, take a look at the QBI Component worksheet for that Schedule E.  This worksheet will provide additional information about the QBI calculation.

 

Finally, take a look at the QBI Ded Summary and the Form 8995 or 8995-A for the "final" details of the QBI deduction calculation in your tax return.

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Highlighted
Expert Alumni

The 8995 form disappears from saved returns after updating on 3/21

The issue you are having has been reported for investigation.  

 

As a "workaround" for your issue, go back through the Step-by-Step interview for your Schedule E and you will see a screen requesting Business name and EIN.  Enter Not Applicable in the box for Business name, and your Schedule E QBI deduction will calculate correctly.

 

You can do this in TurboTax Download/CD in Forms mode on the QBI Component form for each Schedule E by entering Not Applicable in the first box, "aggregate trade or business name".

 

@frustratedSchE

**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