TurboTax is telling me I can't file until because the Qualified Business Income Deduction Summary, but why is this summary even showing up?

[krsbozo]

AFAIK, I don't own an REIT, nor did I receive any income from one. I did get some foreign tax income from an mutual fund. And some other mutual fund dividends. I don't own a business, or an LLC, so I don't have any QBI as far as I know. 

And yet, TurboTax is flagging my total REIT dividends. Using the TurboTax UI, can't see where that number is coming from. 

Any thoughts are most welcome. 

Thanks

[DawnC · Accepted solution]

On your 1099-DIV, do you have anything in Box 5?  If so, that will trigger the Qualified Business Income (QBI) deduction.  You can access and see your forms if you are using the desktop version, but you need to use the Print Center if you are using the Online version.  

[krsbozo]

Thank you very much for the reply. You are, of course, correct. My mutual fund has an entry in box 5 for Section 199A dividends. This is new to me.

Thanks for your help!

[wkerr0730]

So how does that actually help you file?

[KurtL1]

You are unable to file because Form 8995-A will not be ready to file until the end of the day on February 20th. 

[krsbozo]

Hi,

It doesn't help me file, but it does explain why the number was appearing on my tax form. I saw other places saying that the federal government was not releasing that form until later, so I figured I just needed to be patient.

[Bradc552]

I received the error message on my Qualified Business Income Deduction Summary and I looked at  Box 5 on my 1099- Divs and each of those statements show $0.00 amount in Box 5.  I do not own a business and my income is above the maximum income under my filing status to qualify for a deduction.  From everything I reviewed and checked, I should not even receive a deduction on Line 10 on my Form 1040.  So I cannot file at this time due to this error.  

Is there something I am missing on this issue?  Will this error be corrected on the 2/20/2020 update?  Thanks.

[Bradc552]

Mystery solved. I rechecked Box 5 on my 1099 DIVs and did find an entry there.  So that explains why I can't file at this time. 

[matt98033]

Thank you KurtL1. I've been wondering when/if TurboTax would be updated to support the QBI deduction. Thank you for the estimate. Should we expect an update to the software soon after February 20th then?

[DawnC]

Yes,  the update will occur soon after the 8995-A form has been finalized in TurboTax.   You can use this link to track the estimated fix date the form.  The 8995-A is the next to the last item on the list and is still estimated for 02/20.   And you are welcome!   @matt98033

[jrdxtax]

Thanks.  That was an extremely helpful response and explained my apparently spurious (though actually correct) QBI summary entry.

However, the Data Source for QBI Deduction Summary line 9 (Total REIT dividends) makes no mention of Box 5 on 1099-DIVs, so the mechanism which should have allowed us to find this answer ourselves does seem to have a bug (missing Data Source).

How can we get that bug fixed (add 1099-DIV Box 5 Data Source for line 9 of QBI Deduction Summary)?

Thanks again,

John