Qualified business income deduction - are the QBI worksheets functional that support ln 9 of 2018 1040? TT did not link SE income to QBI ded summary and qbi worksheet

[nuttyh123]

Anyone knows when will the QBI link be available to complete taxes?

[cgehly]

So annoying. QBI is working, but it's reducing my QBI from my two business 92.9%. I cannot find anything about this in any of the instructions on IRS.gov. Yet another glitch in the turbo tax software??

[ses604]

Sorry cgehly above for your annoyance.  I finally discovered that this QBI deducation is way more complicated than it seems.  I tried to make a maximum deduction to my Solo 401-K and guess what? It affects my QBI.  Found this article by searching Google "How The New QBI Deduction-Reduction Ruins The Value Of Pre-Tax Retirement Plans For Small Business Owners" -  Read it if you like or anyone else who is trying to take both deductions:  <a rel="nofollow" target="_blank" href="https://www.kitces.com/blog/199a-qbi-deduction-reduction-small-business-owner-retirement-plan-contri...>

[dyons]

I have redone the interview for business income and answered all the final questions about this being a qualified business. I see in the schedule C worksheet at the bottom a link to the QBI worksheet for my business. However, when I go to the worksheet is shows "0". Is the QBI deduction still not working, or have I done something wrong? Can anyone help, please?

[ses604]

Dyons - I'm not a tax expert, but I was having similar issues until I discovered there is some connection in my own circumstance between QBI and my 401-K contributions.  See my comment above yours.  Someone else made comments in this Forum somewhere how other instances affect the QBI bottom line.  I'm starting to consider consulting a Tax Expert after I print my Turbo Tax return, to be sure.  I don't blame Turbo Tax - I blame the new complications imposed upon us by the tax law changes because there are many more nuances in the law than I have had time to learn.  I would welcome more responses in this Forum to hear others' experience.  

[cgehly]

Thank you ses604 for the link. I just figured it out. QBI in TT world (and in my very basic situation) is the Schedule C profit minus the deduction for 1/2 the SE tax! Hence why the 20% is being calculated from a  reduced amount.

[ses604]

cgehly  Yay!  

[dyons]

I did a new tax return and laboriously entered all information.When I put in my SE income, I was please to see that a QBI calculation was carried out and a deduction put in. Then I entered my spouse's SE income. After that, both show (in the QBI summary as well the the two QBI components) ZERO deductions. The QBI sections are greyed out. Something worked initially, but then stopped. This is very frustrating. Any ideas? Thanks in advance for any advice.

[marycarr]

QBI is not working for S Corp via Schedule E.  Tried to adjust Schedule 1, adjustment to income, to add QBI in lines 34 or 35.  Would not work and cannot override. TT sets up a "QBI component" worksheet for S Corp.  But line 19, tentative QBI, goes no where.  Federal tax due is overstated.

[mgoffpuck1]

According to all the threads, the QBI calculation from a K-1 s-corp has not been fixed yet by TT, so like most users, I am checking each day for a software update.

[greints]

Once I correctly entered all of the information from the K-1 (which has more information then prior years because of the payroll related calculation, it worked for me.

[Caliseca]

Does anyone know how/where to enter the payroll info that greints refers to in the post above? I can't find where to enter a value for w-2 wages given on my k-1.

[SJC30215]

As of 3/5/19, TT did not correctly populate the QBI deduction from our K-1 on either the desktop or online version of TT Home and Business. After MANY hours on the phone with support, they were able to share my return online (from the desktop version only) and give me the override to force TT to enter the proper deduction.  It took several tiers of support to get to that point, but they did not give up!  (side point- the first time I entered my K-1, TT did calculate the QBI. Then, in an attempt to correct a state error I deleted and re-entered the K-1. TT lost the QBI despite identical entries)

[TuckerdogAVL]

So, will the MANY updates happen prior to April 15th? It’s March 21st.

[susiejames9]

3/29/19:  I’m still unable to get TurboTax to calculate a QBI deduction on line 9 of my 1040.  I have a qualifying S Corp with a K-1, and have entered what I believe to be everything required (K-1, box 17, lines V & W).  

I’m using TurboTax Premier.  I have tried some of the suggestions, including re-entering the information & installing the latest updates.  Nothing seems to work.  Has anyone else solved this yet?  Or should I continue to wait for an update?