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Bob-W10
New Member

Why is turbo tax giving me the qualified business credit? I am not self employed and work for a private company? Where do I see what triggered the credit?

 
6 Replies
JohnW222
Expert Alumni

Why is turbo tax giving me the qualified business credit? I am not self employed and work for a private company? Where do I see what triggered the credit?

If you mean the Qualified Business Income deduction, there are a number of different income types that can generate the deduction.

For the purposes of the deduction, QBI is defined as net business income, excluding:

  • Income generated outside the United States
  • Investment income
  • Form W-2 compensation paid to an S corporation owner
  • Guaranteed payments to a partner
  • Income from REITs, publicly traded partnerships, and qualified cooperatives (these entities may qualify for a 20% deduction under a different set of rules, the explanation of which is beyond the scope of this FAQ).

Please see the IRS’s Qualified Business Income Deduction page and TurboTax’s Help articlesWhat is the Qualified Business Income (QBI) deduction? and "Do I qualify for the qualified business income deduction?" for more information.

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jkbulldog12
New Member

Why is turbo tax giving me the qualified business credit? I am not self employed and work for a private company? Where do I see what triggered the credit?

I am having a similar situation where I cannot stop TurboTax from giving me the qualified business credit.  I do not think I qualify for it, and I just want to get rid of it.  Manually deleting the form does not help.  Thanks! 

ColeenD3
Expert Alumni

Why is turbo tax giving me the qualified business credit? I am not self employed and work for a private company? Where do I see what triggered the credit?

It is probably from a 1099-Div, Box 5. Section 1099A dividends are entered there.

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jkbulldog12
New Member

Why is turbo tax giving me the qualified business credit? I am not self employed and work for a private company? Where do I see what triggered the credit?

Thank you so much - really appreciate it. 

ColeenD3
Expert Alumni

Why is turbo tax giving me the qualified business credit? I am not self employed and work for a private company? Where do I see what triggered the credit?

You're welcome. It is generally due to a REIT.

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TaxChickNYC
New Member

Why is turbo tax giving me the qualified business credit? I am not self employed and work for a private company? Where do I see what triggered the credit?

It was explained to me that if I received dividends there might be a real-estate related dividend that triggered the credit.  Sure enough, I checked the investments providing a dividend and one of them is a real estate investment trust (REIT).  Thus the credit.

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