Qualified Business Income Not Included on Form 8995

[ericinmaryland]

We are all asking why Intuit reports 8995 Short form as released when it is not. This is not the sane as 8985A. 

[Anonymous]

I've been waiting for a month now for an answer... I know the form isn't available but how do I get Turbo Tax to let me enter a Statement A.

My K-1 has a code Z. 

code Z as described in some text I found... The Section 179 Deduction that is allowed can affect the Qualified Business Income (Section 199A income) and the amount reported by the partnership as Qualified Business Income (Loss) on Box 20, Code Z

TurboTax states Box 20 Code Z has been selected but no section 199A income has been entered on Statement A. this is for Turbo Tax Deluxe.

Will this get fixed on 2/20 or is there some place I missed entering something?

[Anonymous]

I finally found this screen in TurboTax. For a Code Z, QBI small bus deduction of 20%, if it's just standard business income which is the right choice - ordinary income?

Also for a partnership, I expect that each person will fill this out according to their percentage?

[tagteam]

---

@Anonymous wrote:

I finally found this screen in TurboTax. For a Code Z, QBI small bus deduction of 20%, if it's just standard business income which is the right choice - ordinary income?

---

That should be specified on your statement (or other document) you received with your K-1. If it is not, you can try contacting the partnership representative.

[jenv]

Same problem.  I entered in an amount for my k-1 box 17 code V, but it is not populating into form 8995.  Really wanted to file today.  Spent an hour on the phone with two very kind and helpful people with TT support, only to find that the form is still in "draft" even though it was supposed to be released yesterday.  

[thomasboehm86]

Yes, according to TT, Form 8995 is still in draft form and not available for release with no new expected release date.

[Anonymous]

I still have the error that QBI is not yet supported. Does Intuit realize that there's a 3/15 business deadline? I'd like to have both the business side and personal side match before submitting business taxes.

It's ironic that this still isn't fixed and I just got an e-mail about a TurboTax online price increase on Feb. 29th.

[ericinmaryland]

The QBI deduction is calculated based upon information from your business return. If that return is done, then you have all the information you need. So, if you are ready to file your business return I dont see why you cant at this point. Nothing you do on your personal return will matter with regard to your business return.

[Anonymous]

The reason why is because there have been times in past years where I've been able to validate aspects of the business return and either correct or adjust for various reasons. As one example - I may or may not choose to contribute to a retirement plan. QBI is impacted by this decision. If I try with our without now, I see two different amounts I'd owe on taxes. So that helps me with a decision. But if I can't rely on what's in TurboTax today, then I don't want to submit my business return.

I can get 8995 off the IRS site today. Why can't Intuit make this functionality operational now? Or at a minimum share when it will be done.

[BurboMax]

I spoke with an agent today

I have 179 dedeductions from my K1 Business.

If that amount is zero, TT only needs the 8895 Short form

If there is an amount for the 179 deduction, then turbo tax needs the 8895-A form

That form is not available until February 28th according to the agent I spoke to.

Until then, my K-1 shows an error that can not be fixed. I also like others had to manually coerce Turbo Tax to calculate the QBID deduction even after the 8895 form was released. The step by step did not automatically generate the deduction. The K1 worksheet shows the other amounts from the K-1, but not the profit, needed to make the calculation.

Please make sure the program works correctly.

[ericinmaryland]

@Anonymous You can calculate your 199A deduction on your own. Simple 20% of Qualified Business Income. I know what you are trying to do because I thought the same way. Putting less into profit share retirement just shifts the deduction to 199A, right? 

You taxes are affected by your net income so you would run your business to minimize. That means tracking expenses, payroll and retirement deductions. Whatever your QBI is it is because you made other decisions to lower it for tax purposes.

BTW...I have a separate spreadsheet where I can do all of the what-ifs to get to my final state.

[Cherie_S]

if you have a z code in box 20 that has letters - do not worry just skip over

[jenv]

Thanks for responding.  There shouldn't have been a reason I could not file, but after entering K-1 information for my personal return, the QBI is not calculating properly in TT, and it won't let me file.  I'm gonna try again now, hopefully the form ready by now,

[DaveF1006]

For the purposes of the qualified business deduction, these need to be reported on a 8995A.  This form has not been released by the IRS.

Here is the latest updates on when the forms will be released by the IRS. Please review this IRS link. for information on the latest updates. Looks like 2/28/2020 for the 8995A form.

[VA_CPA]

Has TT for business been updated to properly handle the QBI deduction yet?  

Today is 3/7 and i am working on my return, having just updated the s/w today, and the QBI deduction is not rolling through to taxable income reflected on the K-1.  I'm also not seeing Form 8995 when i look for the form under "view forms"

Is there an update???