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posted Oct 12, 2020 6:25:18 PM

Can I disable all QBI deductions?

We own several businesses. real estate, life insurance, etc.   I cannot e-file because turbotax is stuck in a loop asking me the same question over and over again about aggregating businesses when i answer the same way.  I dont' want any businesses  aggregated.  I will gladly forego the QBI deductions if it will let me e-file.  I already tried delete the 8995 form with no success.    I noticed others are having the same issue when looking through the forum but see no answers.. :(

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1 Replies
Not applicable
Oct 13, 2020 12:11:02 AM

if k-1's - delete all 199A (QBI) info entered in sections d1 and d2 of the worksheet. note if there are losses then not entering QBI info could cause tax problems because any net qbi losses must be carried forward to offset future QBI income (only in qbi income exceeds qbi losses).  for schedule c and other forms there is a question about it being a 199A business this must be unchecked. 

 

don't know how much is involved but you could be losing a decution of up to 20% of the income.