Your REIT dividends reported on form 1099-DIV are qualified business income and qualifies you for the QBI deduction.
TurboTax 2019 says I "cannot file your return at this time. This will be supported in a subsequent release."
So, I assume that subsequent release will be soon, right? Soon enough for me to file for 2019?
But the deduction is only $7 anyway. I'd rather just zero it out and file now. Since it's a deduction, that would be my call to make, right? But what exact changes should I make to this QBI Deduction Summary form in order to satisfy Turbo Tax and let me file, while still being fully legit in how I file my taxes?
Yes, the IRS has not finalized the Form 8995 to calculate the Qualified Business Income Deduction. You are not required to claim the deduction so you can file without it instead of waiting.
I'm getting the same warning message for a very small deduction. Can you answer 2 questions: 1) On the 8995 IRS web page (https://www.irs.gov/forms-pubs/about-form-8995), there's no mention that this form isn't complete for 2019. TurboTax should be updated so I'm not stopped from filing. It's the middle of February already... come on Intuit. 2) On the "Check this entry" page a form view of "qualified Business Income Deduction Summary" shows up, but I can't change the REIT dividend deduction. How do I remove it so I can file? Thanks
1. The IRS Form 8995 is still in draft mode. Intuit is separate from the IRS.
2. To remove the deduction, from the Left menu>Federal>Wages & Income>Interest & Dividends>1099-DIV and delete your original posting in the 199A box.