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Why is Turbo Tax giving me the Qualified Business Income deduction when I am retired & my only income is SS, IRA withdrawals, & oil & mineral royalties?

I am retired and have no business. My onlly income is SS, IRA withdrawals, & oil & gas royalties. 

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DDollar
Expert Alumni

Why is Turbo Tax giving me the Qualified Business Income deduction when I am retired & my only income is SS, IRA withdrawals, & oil & mineral royalties?

It would be because of the oil and gas royalties.  They qualify for the QBI deduction. 

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3 Replies
DDollar
Expert Alumni

Why is Turbo Tax giving me the Qualified Business Income deduction when I am retired & my only income is SS, IRA withdrawals, & oil & mineral royalties?

It would be because of the oil and gas royalties.  They qualify for the QBI deduction. 

Why is Turbo Tax giving me the Qualified Business Income deduction when I am retired & my only income is SS, IRA withdrawals, & oil & mineral royalties?

Yes, thanks so much!
DDollar
Expert Alumni

Why is Turbo Tax giving me the Qualified Business Income deduction when I am retired & my only income is SS, IRA withdrawals, & oil & mineral royalties?

You're welcome.  Thanks for using TurboTax!!
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