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Shel99
New Member

Why are we are not getting the Qualified business income deduction credit as we should after entering K-1?

 
6 Replies
tagteam
Level 15

Why are we are not getting the Qualified business income deduction credit as we should after entering K-1?

You are going to have to wait for a future release because the QBI component in conjunction with a K-1 is not entirely complete.

Shel99
New Member

Why are we are not getting the Qualified business income deduction credit as we should after entering K-1?

Any idea when this might be happening? It works on the TaxSlayer site. Maybe I need to jump ship?

VictorW9
Expert Alumni

Why are we are not getting the Qualified business income deduction credit as we should after entering K-1?

The qualified business should be a one that makes a profit for the year. Check to see if that's the case.

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tagteam
Level 15

Why are we are not getting the Qualified business income deduction credit as we should after entering K-1?


@Shel99 wrote:

Any idea when this might be happening?


Most likely sometime next week.

muellerjs
New Member

Why are we are not getting the Qualified business income deduction credit as we should after entering K-1?

Still not getting the QBI deduction even though I marked yes that this Business has Qualified Business Income.

 

HELP???

ThomasM125
Expert Alumni

Why are we are not getting the Qualified business income deduction credit as we should after entering K-1?

It may be that you have business losses in the current or previous years that are preventing you from qualifying for the qualified business income (QBI) deduction. You have to have net business income to qualify. You may have losses from other businesses or a carryover of an unused loss from a previous year that is preventing you from having a positive QBI for the current year.

 

Once you pay for your TurboTax program, you can look on form 8995 to see how your QBI deduction is calculated.

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