not getting QBI deduction.

Forum|Forum|6 years ago
January 17, 2020
5 replies
35 views

I am using online turbotax home & business.

I have a k-1 income from S-corp. I put everything in box 17 V,W,X. But not getting QBI deduction on 1040.

What is wrong with me.?

JulieS

Level 15

You aren't doing anything wrong. For 2019, there is a new form for calculating your Qualified Business Income Deduction. It is Form 8995.

The IRS has not released the final version of this form, so it is not in TurboTax yet. Hopefully it will available soon.

If you would like to look at the draft version of Form 8995 on the IRS website, click here.

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Anonymous

in addition on each k-1 screen there is additional info that will need to be completed.

sjlocke

Level 5

After spending a couple of hours trying to figure things, including this, out the TT rep said that Form 6198, which is under the K-1 form, has not been approved for release yet, and when that is approved, hopefully, it should pass the QBI data through correctly to the 8995. That's due on 1/29 : https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.html

JulieS

Level 15

The new Forms 8895 and 8895-A are required to accurately figure your QBI deduction. The IRS hasn't finalized their instructions for these forms yet. Hopefully, the updates in February will include Forms 6198 and 8995.

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clancy62

Level 2

I’m glad I looked on this blog. I spent 4 hours on the phone and spoke to 5 different TT reps and not one of them could tell me this. So frustrating and will be the last year I will be using TT