topic Tax Year Prior to 2020: Why won't Turbo Tax figure my QBI deduction for aggregrate business? in Business & farm

Tax Year Prior to 2020: Why won't Turbo Tax figure my QBI deduction for aggregrate business?

Sasseenbr — Wed, 17 May 2023 22:39:14 GMT

Re: Why won't Turbo Tax figure my QBI deduction for aggregrate business?

sjlocke — Sun, 09 Feb 2020 15:59:15 GMT

QBI on personal return isn't working until 2/20.

Re: Why won't Turbo Tax figure my QBI deduction for aggregrate business?

WKins2 — Mon, 10 Feb 2020 13:43:14 GMT

QBI (Qualified Business Income) is the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business, including income from partnerships, S corporations, sole proprietorships, and certain trusts.

Previously disallowed QBI is the amount of the deduction that was disallowed in prior years due to things like total taxable income limitations.

Form 8995-A, the form used to calculate the Qualified Business Income Deduction, including the QBI that was disallowed in prior years and the current year which can be carried forward to future years, has not yet been approved for filing by the IRS. The expected date this will be approved by the IRS is 2/5/2020.

The state and federal governments approve the most common forms first and work their way down the list. Please see the links below for updates on form availability. Once released, Turbo Tax will work quickly to get it working in the program. Form 8995-A is near the bottom of the federal list.

Federal form availability

State form availability

Re: Why won't Turbo Tax figure my QBI deduction for aggregrate business?

SwampYankee — Sun, 31 Jan 2021 01:11:58 GMT

The software will not do it automatically and does not work. You need to go to the forms page for schedule C and click on the box that you are qualified for the QBI. Do not listen to ANYONE who says it does it automatically. It has not since the 20% was instituted. Are these people working for the IRS and trying to get you to overpay?

Re: Why won't Turbo Tax figure my QBI deduction for aggregrate business?

SwampYankee — Sun, 31 Jan 2021 01:12:45 GMT

Useless. Are you a bot?

Re: Why won't Turbo Tax figure my QBI deduction for aggregrate business?

sjlocke — Sun, 31 Jan 2021 15:05:01 GMT

It does do it automatically, and it does work fine. Maybe you're entering information in wrong.