QBI but not a business!?

TheTaz · ‎July 13, 2020

In Review, TT is showing a QBI. It is also showing a Total Income from PTPs and REITs that I can't find reflected anywhere else (as in it is more than our income).

We are not a business. I did import the investor forms but I don't see how/where that Income amount is coming from nor how we qualify for a QBI.

Ed

maglib · ‎July 13, 2020

@TheTaz QBI is allowed for rental properties. It is related to how you answered the applicable questions.

https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-...

You also may have QBI from k-1's you entered that TT will handle and give you the credit.

I don't work for TT.

If you have the downloaded version of TT (I highly reccomend for anyone who has rental properties), you can open the applicable schedule e's to see how the forms responses are. If you don't want QBI deduction, you should have top page, G not checked. The schedule E QBI section A1 must be No and the sub questions unanswered.

Hope you have the desktop, otherwise you will have to go back through the interview.

I don't work for TT. Hope I helped at least a bit.

Good luck.

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Anonymous · ‎July 13, 2020

income from PTP's and certain REIT dividends are a separate category of QBI income (199A) you may see on line 5 of 1099-div a 199A amount. those are REIT dividends that qualify for the QBI.

each PTP stands on its own, if one has QBI income (details reported in box 20 of 1065 - k--1) and another has a QBI loss, they are not netted. you get the QBI deduction for the ones with QBI income provided the QBI section of the K-1 worksheet was done correctly. the QBI losses for those that had them are carryforwards to 2020. hope TT works in 2020 because in 2019 PTP QBI losses from 2018 were not transferred.