QBI deduction

Forum|Forum|6 years ago
February 29, 2020
1 reply
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TurboTax will not allow me to enter data on Forms 8995/8995A to obtain a QBI deduction. Are these forms not functional as of this date, 2/29/20?

DianeC958

Level 12

You cannot enter information directly on these forms. If you qualify for the Qualified Business Income Deduction you are asked questions as you put in the information from your business to see if the income qualifies for the deduction.

If you received a K-1 from and Partnership (1065 K-1) or from an S-Corp (1120S K-1) the information shows in box 20 for the 1065 K-1 or box 17 for the 1120S K-1.

The program then uses the information to calculate the Qualified Business Income Deduction to report on your return.

Do I qualify for the qualified business income deduction?

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Jim HAuthor

Level 2

Thank you.

I was not clear when I asked my question.

My QBI was generated when I sold a complete limited partnership interest in 2019. The ordinary income component of the total gain was calculated using the K-1 "sales schedule". I also sold a different LP in 2018 and, at that time, was able to enter the data directly into the QBI worksheet.

Is something different this year?

DianeC958

Level 12

Yes, you cannot make any entries directly to form 8995 for 2019 unless you purchase the desktop version of TurboTax and override the entries the program makes.

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