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No prompt from TurboTax for the Qualified Business Income Deduction
I work part-time as an independent contractor preparing and mailing packages for a company (just one). I receive a 1099-NEC from them and file a schedule C. My income this year will be about $7,555 after deducting business expenses. After entering my self-employment income, TurboTax doesn't prompt me with any questions about whether this is Qualified Business Income.
It seems that I should qualify for the QBID. Why doesn't TT prompt me with the question? Am I using the wrong product? I'm currently using Premium with Assist. Many thanks
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No prompt from TurboTax for the Qualified Business Income Deduction
It should be automatic if you fill out Schedule C. The QBI deduction goes on 1040 line 13 and only reduces the income you get taxed on for regular income taxes. One thing I found was my QBI credit was not as much as I thought it would be. Because I had a business loss the prior year and it carried it over and took it into account.
For Online, you can download your whole tax return you can see all the forms and worksheets to see how it was calculated.
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No prompt from TurboTax for the Qualified Business Income Deduction
Thanks for your quick reply VolvoGirl. I just looked at my business expenses section in TT and didn't see anything for the QBID. Can I download the tax forms even if the return isn't completed yet? If so, how do I do that?
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No prompt from TurboTax for the Qualified Business Income Deduction
All the forms and program aren’t ready yet. You probably need to wait until January, maybe late January. Are you using the Online version? You have to pay the fees before you can download the pdf to see the forms.
How to print or save your return before filing
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No prompt from TurboTax for the Qualified Business Income Deduction
Form 8995 should be ready Jan 9, 2025
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No prompt from TurboTax for the Qualified Business Income Deduction
I'm not sure what you mean by "Premium with Assist." If you are using TurboTax Live you should contact a TurboTax Live tax expert for help. You are paying extra for that service. See the following FAQ for instructions to contact a TurboTax Live tax expert.
How do I connect with a tax expert in TurboTax Live?
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