QBI Deduction Not Deserved?

[55tax]

thanks for confirming.  Yes.  the box 5 is just a 'descriptor' of that portion already reported.

as for being 'entitled' because of a reference to a paragraph that I 'may be eligible' and 'if I am eligible' still does not convince me to change my return.  Who knows, maybe in the distant future, our legislature will write tax code in plain (to the point) English.

[cohoelprd]

Do I need to do an amended return if Box 5 on 1099 Dividend trigged a QBI or will the end result be the same?

[ReneeM7122]

No, don't amend your return if Box 5 on 1099 DIV triggered a QBI.  You probably have something else on your return that made you eligible, and the end result will be the same.

Here is a TurboTax article about the QBI deduction.

@cohoelprd

[Bsch4477]

No need to amend since the return is correct. An amount in Box 5 of a 1099-DIV gives you the QBI legitimately. 

[CRGG]

According to the qualifying taxpayer flow charts  on Turbo tax and the IRS website as of Feb 2022,  we do not qualify for a QBI deduction but I can’t get rid of it. 
We have an entry in box 5 of our 1099-Div but, according to the notes on the form, that doesn’t mean we are automatically entitled to the deduction.  The entry in box 5 is not associated with an REIT fund.  We are not a business of any kind, nor is it a trust or estate filing. I am not comfortable taking the deduction even though it is small. My signature signifies that the filing is true and correct. 

Your response says “ many times”.  That isn’t definitive either. Is there anything more explicit?  My faith in TurboTax is waning.

[Bsch4477]

Many mutual funds have qualifying investments. Your financial institution classified some of the fund income as eligible for QBI not TurboTax. You can accept the QBI without being concerned but if you have qualms ask your financial institution for reassurance.