199A QBI Deduction

[ericinmaryland]

@PB11 I think that depends on the version of the K1. Many of us cannot file because of an error on the K1 that Intuit has yet to acknowledge or explain.

[ericinmaryland]

Since Intuit feels no responsibility to post on any QBI thread, the issues with form 8995 (not 8995-A) were fixed on Tuesday. Update your product and see if you can file.

[1441east]

It will not allow me to delete the form???

[Anonymous]

If you are using the desktop version of Turbo Tax, be sure to click on "Check for Updates" and update your software if needed. If that doesn't work you can manually update your software.

If you are using the online version, you can try deleting your browser's cookies. Please see this Turbo Tax FAQ regarding  How to delete cookies! If that doesn't work, try using a different browser all together. 

[Blah8]

This appears to be another case of Intuit denying a problem.  The desktop software updated automatically or manually does not correct the problem for Box 1 K-1 filer.  I suspect there is a huge liability under the "100% Accurate Calculations Guarantee".  Please step up, fix this, and communicate to users.  Surely countless users have already lost huge QBI sums of money due to this failure.

[eneranch]

No fix for me as of yet, updated yesterday morning (3/7/2020) and nothing new. I will not try to E-file until TT has this defect fixed.

[eneranch]

**** The latest update fixed my problem****

Had to delete the "massaged" K-1 & the manual override in the QBI Deduction Summary, then re-entered the K-1 Data & everything worked as expected.

E-filed both Federal & State, received acceptance notices a few hours later.

Disappointed I never received my email notification I was assured would arrive after TT fixed the problem.

[ericinmaryland]

I also believe that the cause for some of this rests with us. We were using TurboTax as a what-if tool while we waited. When TurboTax finally updated everything we had forms and worksheets that were invalid. TurboTax does not fix those does not even look for those issues and so things didn’t work even after the update. I’m not making an excuse for TurboTax, because ultimately it was their delays that forced a lot of this activity to occur. I’m simply pointing it out because I think TurboTax should make more of an effort to analyze the return for errors and not presume that every return starts from scratch with a 100% working version of their software.

In fact I actually filed my S Corp. return, only to have it rejected because of an erroneous value on the K1. TurboTax should have caught that and not allowed me to submit. I was able to correct the problem resubmit the return and it was excepted. 

Did TurboTax learn from that experience, probably not but I’m hopeful that they do analyze rejections to understand where their software has missed important validations.

[BetsyBay]

I have no entries on my 1099-Div forms, Section 199A Dividends (Box 5)

Why has Turbo Tax entered figures on my return.  How can I edit this out?  PLEASE HELP  

[VictoriaD75]

Do you have any K-1 income entered on your return? It is also possible you are receiving the QBI deduction from rental activities.

If you have several QBI Components (from Sched C or E) and are having trouble with the program bringing up unwanted schedules for Form 8995-A, try deleting the QBI Component Worksheet.  The program will generate new Component Worksheets for EACH component.  All schedules related to Form 8995-A will go away.

1. Under Tax Tools, choose Tools
2. Choose Delete a Form
3. Scroll through your return until you find the worksheets, click Delete to the right of the form
4. Confirm that you wish to delete the form

[pollyken]

My statement lists '5 Section 199a Dividends ......... 65.09'

what do I do with this?

[pollyken]

This entry was on my "2019 Tax Reporting Statement".  I see no information anywhere on

this statementregarding this.

[AmyC]

The program takes the amount from your box 5 and creates the QBI deduction for you. The QBI is named for the section 199a dividends. To verify your deduction:

1. Log into your return
2. Choose the federal section 
3. On the left, go to Tax Tools

• If you have paid for your return, simply choose the Print return option and the forms will appear on your screen for you to view.
• If you have not paid for your return:

1. Select Tools
2. Select View Tax Summary
3. the 5th line shows QBI deduction
4. click Back on the left to return to program

@pollyken

[rtanurcpa]

Where do you enter the section 199A dividend.  There is no box 5 on the input.  When I answer yes to 199A and put that amount in another screen it does not calculated the amount on form 8995 correctly

[MarilynG1]

@rtanurcpa Click this link for more info on QBI and K-1 Entries for your specific situation.