I do not see any forms for the QBI deduction for sole proprietorships. Will this be included in a later update?

[jjripps]

I am using Home&Biz 2018. I filled out my predicted tax information for 2018, but my taxes are much higher than predicted. When I looked through the forms, Line 9 of the 1040 is blank. This line should contain the 20% deduction for QBI. Most of my income is through sole proprietorships, so this affects my tax return strongly. When will this be addressed?

[rjs]

The QBI deduction will be included in an update. We don't have a date for it.

[dmertz]

The update released today adds linkage between Schedule C and the QBI calculation, but the calculations are far from complete and are likely to produce an erroneously inflated QBI deduction (perhaps GREATLY inflated) until further corrections are made in future updates.

[rjs]

A moderator said that the QBI calculations will be complete in mid January. That's an estimate, not a guarantee. She also said there might still be some bugs that will be discovered later. Hopefully they won't be as serious as the current erroneous calculation.

[Anonymous]

Just to clarify, so using the version downloaded today I should see *some* QBI deduction on my form 1040 (even if the amount is incorrect)? As of now, I still see none.

[dmertz]

Linkage is not yet present for Schedules K-1 from partnerships and S-corps.  If have a sole proprietorship on Schedule C, go back through each screen of the business section to cause TurboTax to generate a QBI Component Worksheet linked to the Schedule C.

If your taxable income is under the $315,000 (MFJ) or $157,500 (not MFJ) threshold, switch to forms mode and open the QBI Simplified Worksheet since TurboTax is not yet doing this automatically.  If you don't, you'll end up with an erroneously large QBI deduction inappropriately calculated on the QBI Component Worksheet instead of a properly calculated deduction on the QBI Simplified Worksheet.