But cannot enter anything other than activity and net income unless override to qbi ded summary.
Linking of SE income to a QBI Worksheet has not yet been implemented.
Today's update added linking of Schedule C to a QBI Component worksheet, but for those with taxable income under $315,000 filing jointly or $157,500 for other filers the calculation is producing an erroneously inflated QBI deduction amount. More updates are needed before the QBI deduction amount can be used by these individuals.
I just performed a what if simple scenario on a Schedule C with basic amounts below the threshold of an SSTB business to test TT and it worked correctly. The key is to link QBI worksheet business income component to a worksheet at the bottom of Schedule C additional information. I performed the calculation manually first to ensure I would get the correct result.
You are posting on a conversation that is 2 months old ... things have changed since then.
Has turbo tax been updated yet with the Qualified Business income deduction functionality? When will we know if it is updated?
TurboTax for individual tax returns now appears to have all of the necessary functionality for the QBI deduction for all types of pass-through entities. Be sure to go back and step through all of the entry pages for your particular pass-through entity so that the proper linkages are established.
It still will not give me a option to fill out the QBI, add link to complete my return which is all i want to do, HELP
Some problem here - no QBI despite starting over. What's the deal?
Crap software is the deal. They need to release the update/patch for the issue. My guess is they haven't yet. They get 2 more days before I print the returns, take them to a tax pro and have amex cancel my payment.
According to Intuit and HR Block, the IRS has not approved the QBI worksheets yet.
Apparently the QBI link issue is still not working properly..Are we going to get a notice when it's avail?
I do not qualify for the QBI and I still can not file my taxes!
Anyone knows when will the QBI link be available to complete taxes?
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??
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-contributions-roth/">https://www.kitces.com/blog/199a-qbi-deduction-reduction-small-business-owner-retirement-plan-contributions-roth/</a>
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?
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.
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.
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.
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.