topic 199A Income. 1099-DIV. Not supported. Yet... in Deductions & credits

199A Income. 1099-DIV. Not supported. Yet...

Love2Fish — Sat, 01 Feb 2020 15:39:03 GMT

Received a message that 199A income from REITS only on 1099-DIV with qualified income over the threshold will be supported in a "subsequent release" and that my return cannot be filed (yet). Could one assume that release will come out before April 15, 2020? The message is a bit vague and there does not appear to be any work around.

Re: 199A Income. 1099-DIV. Not supported. Yet...

Bsch4477 — Sat, 01 Feb 2020 15:51:06 GMT

Certainly it would be fixed by April 15 and probably within a week or two.

Re: 199A Income. 1099-DIV. Not supported. Yet...

Jeff_Cali — Sun, 02 Feb 2020 14:38:57 GMT

Ditto. Kind of annoying that I don't have.

Re: 199A Income. 1099-DIV. Not supported. Yet...

flash tax — Sun, 02 Feb 2020 15:52:42 GMT

Same here. Would be nice to have a date for that release Turbotax?

Re: 199A Income. 1099-DIV. Not supported. Yet...

powbecks — Sun, 02 Feb 2020 23:46:11 GMT

I just got the same error, and agree the message is unclear whether this means it will be fixed soon in that I can actually file my taxes with TurboTax, or if it means I need to start my return over with a competitor's product. It'd be great if the timing of the "subsequent release" could be clarified by TurboTax.

Re: 199A Income. 1099-DIV. Not supported. Yet...

VictoriaD75 — Sun, 02 Feb 2020 23:55:30 GMT

Form 8995-A is expected to be available for 2019 returns on February 12, 2020. Please see the links below for forms availability updates and additional information about the deduction.

Forms Availability in TurboTax

Tax Tips for Real Estate Investment Trusts

Re: 199A Income. 1099-DIV. Not supported. Yet...

flash tax — Wed, 12 Feb 2020 15:26:53 GMT

I downloaded updates today, but still get same message. Was this update not included? Is there a new date?

Re: 199A Income. 1099-DIV. Not supported. Yet...

VictoriaD75 — Thu, 13 Feb 2020 20:46:15 GMT

Form 8995-A is not yet available. The IRS has listed the forms availability on their website as "to be determined." TurboTax will update as soon as quickly as possible once the form is available from the IRS.

If your REIT dividends are very minimal and you would prefer to file without the deduction, you can delete the amount reported in box 5 of your 1099-DIV form. This will not affect qualified or ordinary taxable dividends in boxes 1a or 1b. However, you will no longer qualify for the QBI deduction.

IRS Forms Availability

Re: 199A Income. 1099-DIV. Not supported. Yet...

Jeff_Cali — Thu, 13 Feb 2020 21:29:04 GMT

Thanks for the update.

I considered doing that, but would there be any kind of IRS flag of the difference of inputting on the tax return vs. the 1099 DIV? Even if it is a deduction?

Re: 199A Income. 1099-DIV. Not supported. Yet...

Bsch4477 — Thu, 13 Feb 2020 21:34:05 GMT

No red flag. The IRS will be happy to receive more income.