topic Re: QBI in Get your taxes done using TurboTax

QBI

kgtsiko — Sat, 07 Mar 2020 22:41:20 GMT

I have completing my deductions and credits for my federal taxes. Under deductions a qualified business income deduction appears with a dollar amount behind it. I do NOT own a business and have never had this deduction before. What mistake may I have done in filling out my Premier turbo tax?

Also where does my 1095-B get entered in turbo tax. Thank you.

Re: QBI

DavidS127 — Sun, 08 Mar 2020 13:56:12 GMT

You have not made a mistake. You can get the Qualified Business Income (QBI) deduction even if you don't personally run a business, because the QBI deduction also applies to things other than income from businesses you run personally.

Eligible taxpayers to deduct up to 20 percent of their 1099-DIV box 5 Section 199A dividends, qualified real estate investment trust (REIT) dividends, and qualified publicly traded partnership (PTP) income.

You do not enter the QBI deduction, it is automatically calculated by TurboTax based on your other entries, so you should be able to find one of the above types of income entered in your tax return from a 1099-DIV or a Schedule K-1.

TurboTax will not generate a Form 1095-B for you, it is not filed with your return. The 1095-B you receive from your insurer is used by you to verify the health insurance coverage you had during 2019.

Re: QBI

wdegaude — Sun, 29 Mar 2020 17:38:18 GMT

My problem is that one of my LLC is not reflected in the 8995 form. Why ?

Re: QBI

DavidS127 — Sun, 29 Mar 2020 20:21:37 GMT

Check to make sure you have entered the K-1 for that LLC into TurboTax. If so, review your entries into TurboTax to make sure you entered the Section 199A information that came with the box 20 code V Statement or STMT (box 17 code V if the LLC is taxed as an S Corp). You must Continue after that box 20 code V screen to enter the 199A Statement/STMT amounts for the applicable lines on the two screens at the bottom of this post.

If you've done that, you may need to look at the K-1 for that LLC, the QBI Component form linked to that K-1, and the QBI Ded Summary form to understand "what happened" to your QBI deduction calculation. You can do that in the Forms mode of the Download/CD version of TurboTax, or by creating a PDF of all the forms in your TurboTax Online return.