TT is computing my net QBI to high how can I tell what numbers they are using

[pskortsen-gmail-]

The return should be calculating QBI as net earnings from self employment less section 179 less 1/2 of SE tax.  But TT is saying my net QB is $218 higher than what I figure.

[DavidS127]

First, check for QBI from sources other than your self-employment income, e.g., box 5 REIT dividends on a Form 1099-DIV.

The "flow" of the QBI deduction calculation depends on the source of the QBI (Schedule C, Schedule E rental, Schedule K-1, or Form 1099-DIV), but in general the flow is from the source (i.e, your Schedule C) to a QBI Component worksheet to the QBI Ded Summary to the Form 8995/8995-A.  By looking at those forms, you can usually diagnose "what happened" in your QBI deduction calculation.

In TurboTax Online you will need to "Print or Preview" a PDF of your return with the worksheets to track "what happened" with your QBI deduction calculation:

1. Select Tax Tools and then Print Center from the left menu.
2. Select the first option, Print, save, or preview this year's return and follow any additional instructions.

If you are using TurboTax Download/CD, you can view all the QBI-related forms in Forms mode (icon top right in blue bar).

[kenn175]

TT Online is reporting a QBI deduction of $46,107, yet the only eligible income is $509.95 from 199A entries for two REITs.  I am _not_ self employed.  I spent about an hour on the phone with TT support and the only concrete advise they could give was to upgrade for tax advice.

[SamS1]

Couple ideas.  First, delete the either the 1099Divs or the K1s with the REIT information then go Review a summary of your return to see if the QBI deduction is gone from your return.  

You can review your 1040 in the following steps:

1. While in your TurboTax account, select Tax Tools in the left margin
2. Select Tools
3. Select View a Tax Summary
4. In the left margin, select Preview my 1040
5. To return, click the Back link in the left margin

Re-enter the 1099Divs manually, if you imported, try entering the amounts manually this time.  

After you have logged in and are in your return:

• Go to Search at the top of the screen.
• then enter Form 1099-DIV in the search box. 
• You will see a Jump To function that will take you to the 1099-DIV input screens. 
• There add the 1099-DIV

 At the financial services screens, click "Change how I enter my form" then "Type it myself"

After you enter the 199A information, go back and review the return.  This will at least identify where the problem is coming from as you input the information.

If you have any rental real estate, review the input screens there also as you can claim QBI from rental real estate net profits also.

The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020  taxes.

[kenn175]

Well, this is embarrassing.  I had made a typo.  Thanks for  your quick response.