Qualified Business Income Not Included on Form 8995

[jaredcherry]

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?

[tagteam]

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@jaredcherry wrote:

Is there an issue calculating QBI in the 2020 edition?

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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]

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 · Accepted solution]

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@Anonymous wrote:

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

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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.

[Anonymous]

Thank you much, I see it!

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

[tagteam]

@Anonymous Yes, there is a forms availability table at the link below.

https://ttlc.intuit.com/community/forms/help/irs-forms-availability-table-for-turbotax-individual-personal-tax-products/00/26224

[stevehogan]

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]

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]

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@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.

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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]

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

[DLE]

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

[tagteam]

[DLE]

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]

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

[DLE]

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