Adjustments to QBI

[RossAngelos]

I'm filling with turbotax self employed. I can't finish my taxes because of this message: 

Check This Entry

Schedule C (Web Development): Adjustments to QBI - a value here is not yet supported in the program for the qualified business income deduction. This will be enabled in a subsequent release.

I'm not really sure what is it, but when I press continue it returns on previous screen and I can't file my tax. 

Does it mean I have to wait until this will be available in Turbotax Self Employed? Any timeline? 

[Irene2805 · Accepted solution]

Forms 8995 and 8995-A, the forms used to to calculate the amount of QBID, are not final yet.  TurboTax will update the program after the IRS finalizes their instructions.  After that update you should see the QBID on your tax return and you will be able to file.

For current information on forms availability, please click on this link:  Federal forms availability   [Note:  Forms 8995 and 8995-A might appear at the bottom of the list, not necessarily in numerical order. ]

[ericinmaryland]

Now this has slipped to 02/20/20...why!

[phflood]

I'm attempting to finalize my personal tax return today, 02/20/20, and I am still receiving the same message concerning my QBI calculation that certain expenses (i.e. Section 179, etc.) may be individually limited and those expenses are not yet supported.  The forms website shows that the Form 8995-A is available as of today.  

Anyone else been able to pass this hurdle?

[platinumrainbow2003]

I am as well. I have been trying to wait for almost two weeks, but it doesn't seem like turbo tax is up to speed yet. It also has no message of when they will update it either. 

[ericinmaryland]

Here is what I have found so far for 1120S:

Getting the step by step to start inquiring about QBI requires a dollar value in 1120s Box 17. The problem is that TT for Business does not put values into #17, it refers to a separate statement. Ok, so why doesn't TT Personal know this and get starting information from what you entered about your K-1?

I had to manually put my QBI Income value into 1120S #17 next to the V in order to get the whole QBI process to come alive. That should not be necessary if K-1 info is present.

I also noted that the "None " selection on the "Uncommon items" page does not work. You have to leave all options blank to answer "None".

What I would like is some feedback from Intuit confirming this a roadblock and what should be manually added to my K-1 info/forms in TT Personal to get QBI to work.

[ericinmaryland]

I want to add that I too am receiving the K-1 message in TT Personal Premier. QBI was supposed to be fully implemented. 

@Irene2805 When will this be corrected as you have claimed to be ready with the release on form 8995?

Message Reads:

Schedule K-1 Wks-S Corporations has entries for certain deductions such as section 179, depletion, section 59(e)(2) and other expenses that may be individually limited. For the purposes of qualified business income deduction those expenses are not yet supported (HUH). This will be enabled in a subsequent release.

[RossAngelos]

I was able to file my taxes in the morning and QBI 8995 A online with TurboTax Self Employed. 

[ericinmaryland]

I would think so, the confusion/issue is K-1 related

[AmaryllisCDN]

QBI adjustment was filed on my 2019 return by my professional tax preparer.  What has changed since then?  

[beyondthebox]

You be better off filling out your taxes and then asking specific questions if you have issues.