QBI added, vehicle registration missing

Forum|Forum|6 years ago
January 27, 2020
1 reply
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On my deduction and credit summary, there is an amount for QBI ($23) which I have never had before and did not enter. My vehicle registration of $407 is missing though going back is shown as having been entered.

Is this a bug?

Itemizing

Best answer by DeanM15

In some cases, your portfolio income can come in under the QBI or Section 199A deduction. QBI can come into your return on 1099DIVs, Schedule K1s and Rental Income, to name just a few.

If you have a QBI amount that you are not sure of, I would check box 5 of your 1099DIVs first. These are called Section 199A dividends which is another fancy way of saying QBI. If you have Schedule K1s, I would check those as well, most likely under Box 13 if it is a Partners K1 or Box 12 is a Subchapter S K1.

You can read more about Section 199A/QBI deductions here and here.

DawnC

Level 15

The QBI deduction was new last year. You do not enter it, TurboTax calculates it based on your entries. You can click that link for more info about the deduction. You may have 2 entries for vehicle registration - one that you did enter and one that is blank. Type car registration into the search bar, press enter, and use the Jump to car registration link to go back through those entries.

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MacpatgAuthor

Level 2

Thanks, good answers, but I don't think relevant in my case. I am retired (for 23 years) and have no business income unless my portfolio income qualifies as a business. It is not identified as such and is simply personal investments. Don't understand in the terms of the definitions of QBI that I read how I would fit in in any way.

I checked the vehicle registration input and there is only one line with the correct information, but it does not carry forward, so it has to be something else. Since both items appeared on the same page, I am always looking for a relationship to the two anomalies (not a conspiracy guy, honest)

DeanM15Answer

Level 10

In some cases, your portfolio income can come in under the QBI or Section 199A deduction. QBI can come into your return on 1099DIVs, Schedule K1s and Rental Income, to name just a few.

You can read more about Section 199A/QBI deductions here and here.

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