topic Re: Retirement in Retirement tax questions

Retirement

NEYankee — Mon, 30 Mar 2020 16:22:59 GMT

I have entered the retirement contributions for my wife and myself (both self-employed) totalling $16k. But the Self_emplyment Retirement entry says over $40K. No sure where that amount came from

Re: Retirement

KurtL1 — Mon, 30 Mar 2020 21:40:46 GMT

I am unable to see your return to adequately answer your question. An agent needs to look at the entries to be able to see where the $40,000 is coming from.

To have an Agent look at your return with an Offline Review to answer your question or to schedule a time to talk to an Agent with a Live Review see What is TurboTax Live? - Community.

Re: Retirement

NEYankee — Tue, 31 Mar 2020 13:16:19 GMT

Thanks- not sure myself- but I started from scratch and it worked out. Another question- I entered info for aQBI deduction, but after looking into it in more detail I don't think we qualify. How do I change it? I can only get the screen that gives the calculations

Re: Retirement

DanaB27 — Tue, 31 Mar 2020 19:26:00 GMT

Please follow the steps below to review the question for QBI to verify if you qualify:

Login to your TurboTax Account
Click "Federal" from the left side of your screen
Scroll down and click "Edit/Add" next to "Self-employment income and expenses"
On the "Your 2019 self-employed work summary" screen click "Edit"
Scroll down to " Qualified Business Income" and click on "Details"

Please see What is the Qualified Business Income (QBI) deduction? for additional information.

@ NEYankee