Qualified Business Income Not Included on Form 8995

[ericinmaryland]

The TT has to let me manually fill in the forms and that seems to be blocked. Is there some way to override the forms?

[ericinmaryland]

Did it change from 2018?

There is no mystery in this calculation and even if it did change it should still be possible to fill in the forms manually. 

The block is the result of Intuit largely making the rest of the product ready for submission to the IRS. I get that perhaps business income users are a smaller subset but there has to be a better way of letting people fill in early, and understand the impacts even if they cannot file. Prevent filing when forms are not ready but dont prevent users from filling.

[Anonymous]

nothing has changed as regards to QBI except that are certain additional requirements that must be met when rental property is involved.

we can't see the k-1  but $0  could be correct if all the income is investment income. if it is $0 TT properly calculates the QBI as $0

if there are amounts on line1 or 2, then the K-1 could be in error.  you'll have to contact the partnership.   First look to see if there are any other documents that might explain things.    

if line 1 or 2 show a loss no QBI deduction. 

[ericinmaryland]

If this was meant for me then I know I qualify. The forms are not release. How do I force TT to allow me to fill in the forms manually?

[Anonymous_]

@ericinmaryland Yes, you can override the forms in Forms Mode (note that you have to be using a desktop (installed) version of TurboTax). Place the cursor in the box you want to override, right click in the box, and select "override" from the dropdown list.

However, note that overrides negate the ability to e-file your return and will void any accuracy guarantee offered by the company.

[AmyC]

Turbo Tax is working to get QBI working on both online and desktop versions. Release of drafts versus final approval versus instructions are all different dates. Once a form is implemented, it undergoes testing to make sure it is working correctly. 

Please do not override boxes for QBI. It will void your warranty and more importantly, it may affect something else. That box is not yet perfected. Please be patient. Continue checking the link for availability, they are coming. 

[ericinmaryland]

Amy, I see you have blocked the ability to over-ride. That is fine, but I am not pleased that you simply will not allow some processing of these forms until you are done. February 5 is crazy when you released TT in November. 

I get that the forms may not be ready for filing but they can certainly be ready for what-if, and planning. You do this with so many other forms why not these.

Cant you just clear all overrides once the form is published. Seems easy enough.

[ericinmaryland]

Tag Team, then skip the override and let me fill in the supporting forms. Even that is blocked.

[AmyC]

Alas, I am but a tax advice person. The programmers do as they feel is best for the common good. I have questioned them in the past and found that they had really good reasons when I thought something should be a simple fix. I certainly agree that it does seem simple: but, I know there is more behind the scenes and sometimes a legal issue is at stake. I do not know the "why" behind this one, sorry.

[ericinmaryland]

I appreciate that you are both trying to help. As a first year business owner I needed to understand how both business and personal version interplay. My first chance to start doing that accurately was last week because the Business Package was also significantly crippled. Thats 2+ months after you started selling.

I recommend that you consider an option whereby a person can use the previous year's product to do a new next year return that can then be imported. So, use 2018 to prepare a preliminary 2019 return that can then be imported when 2019 is fully ready.

[Anonymous_]

@ericinmaryland 

I realize that this may be cold comfort, but you should know that even professional-level software packages (costing infinitely more than any version of TurboTax) have a lot of the same issues as TurboTax (and other consumer-level tax preparation software).

There really is no solution other than to wait for the IRS to finalize the forms and the software companies to incorporate the forms (and any changes therein) into their software.

[ThomasM125]

If the qualified business income (QBI) is -0- as reported on your K-1 schedule, then there should not be a deduction for it on your tax return. The deduction is a percentage of the QBI, so if the QBI is -0- then there would not be a deduction. That said, I think you mean that there is a QBI listed on your K-1, in which case TurboTax is not processing it correctly on your form 8995.

It is true that TurboTax has not finalized the calculations for the QBI yet, they should be available by February 2, 2020 however. You may have entries in box 20 of your K-1 schedule or other business income entered elsewhere that may allow you a QBI deduction, but you will have to wait until the updates are installed to complete your return. 

[Whitneypsl]

I see that turbo tax now lists 8995 as available for e-file. But the IRS website still lists the availability of 8995 as To Be Determined. Which is correct?

[DaveF1006]

Please review this Turbo Tax link for guidance.  It mentions that form 8995-A is not available until 2/5/2020 but 8995 is available. Form 8995 is used for a simplified computation in determining your QBI deduction.

[mdin]

The QBI income on form 8995 is listed as zero when this is not the case.   I qualified last year and am unsure why the numbers are not transferring over to the worksheet and included in the calculations. Disappointing TurboTax. There must be a glitch to be repaired?