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jaredcherry
Level 1

Qualified Business Income Not Included on Form 8995

I have income from a K-1.  It includes income in box 1, distributions in box 19, and box 20.  Box 20 (in a statement) lists the same amounts as box 1 in the category Ordinary Business Income and lists W-2 wages.  On form 8995, the Qualified Business Income attributed to the entity that issued the K-1 is 0.  I had similar information last year (2019) and received the Qualified Business Income deduction for the income associated with this entity.

 

Is there an issue calculating QBI in the 2020 edition?

1 Best answer

Accepted Solutions
tagteam
Level 15

Qualified Business Income Not Included on Form 8995


@Anonymous wrote:

By the way, these forums are nice - but how do I actually create a new post on a new topic?


Click the Discuss button at the top of the screen, click the Taxes box, and then click your category. You should see an Ask a Question button.

 

tx.png

View solution in original post

64 Replies
tagteam
Level 15

Qualified Business Income Not Included on Form 8995


@jaredcherry wrote:

Is there an issue calculating QBI in the 2020 edition?


Frankly, I cannot state that for certain but I would suspect that is the case for perhaps a few inputs in different sections.

 

We have to keep in mind that, apparently, Form 8995 (and 8995-A) is still in draft mode and there is a fairly good chance that part of the program in TurboTax is not fully complete and implemented.

 

At least, I can confirm the result you are seeing in TurboTax Home & Business.

Anonymous
Not applicable

Qualified Business Income Not Included on Form 8995

I just went through this, searched for help and found this. That's disappointing - where does Intuit post when they are going to finalize. I guess I'm naive and thought I was paying for a functional product. Even if the form is a draft at least it can be functional (I know that's not @tagteam's fault - just expressing disappointment to Intuit).

 

By the way, these forums are nice - but how do I actually create a new post on a new topic?

 

 

tagteam
Level 15

Qualified Business Income Not Included on Form 8995


@Anonymous wrote:

By the way, these forums are nice - but how do I actually create a new post on a new topic?


Click the Discuss button at the top of the screen, click the Taxes box, and then click your category. You should see an Ask a Question button.

 

tx.png

Anonymous
Not applicable

Qualified Business Income Not Included on Form 8995

Thank you much, I see it!

 

Is there a place where Turbo Tax shares when forms/the product will be ready?

tagteam
Level 15

Qualified Business Income Not Included on Form 8995

stevehogan
New Member

Qualified Business Income Not Included on Form 8995

And Form 8995 is NOT listed as becoming available in the PC version.  And it is not listed in the "not included" list.  So no info available as to when we might expect a WORKING version of this product.  Ridiculous.

stevehogan
New Member

Qualified Business Income Not Included on Form 8995

So I did some more digging and found this page at the IRS:

 

https://apps.irs.gov/app/picklist/list/formsPublications.html;jsessionid=ChMbxrpuumKio7XY_HjhFiLP.21...

 

It appears that 8995 was released on 12/30 (woohoo!).  However, the instructions were not posted until 1/23/2020 (even though they are dated 12/12/19).  So I guess the folks at Turbotax should now have what they need.  

tagteam
Level 15

Qualified Business Income Not Included on Form 8995


@stevehogan wrote:

And Form 8995 is NOT listed as becoming available in the PC version.  And it is not listed in the "not included" list.  So no info available as to when we might expect a WORKING version of this product.  Ridiculous.


Look at the link I posted once again. Forms 8995-A and 8995 are all the way at the bottom. Scroll down.

 

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

DLE
Level 3

Qualified Business Income Not Included on Form 8995

Form 8995 available or not, TurboTax Home and Business, as of today's update, does not appear to be populating QBI data correctly.

DLE
Level 3

Qualified Business Income Not Included on Form 8995

Clarify, from the K-1 data entry step=by-step page

tagteam
Level 15

Qualified Business Income Not Included on Form 8995

qbi.png

DLE
Level 3

Qualified Business Income Not Included on Form 8995

Thank you!  I've been beating myself up for a bit trying to figure out what I was doing wrong.  By the way, how did you get that massage to show?

tagteam
Level 15

Qualified Business Income Not Included on Form 8995

@DLE When you are in the process of posting, click the little camera icon above the message box.

DLE
Level 3

Qualified Business Income Not Included on Form 8995

Thanks, I clicked on the red Error button ! when in forms display and got the message.

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