I'm aggregating rental properties for the QBI deduction. QBI calculations on 8995-A and related worksheets appear to include all properties. But there's no 8995-A Schedule B. How do I get TT to generate one? Also, how do I enter a business description on the Schedule B and/or the QBI Component Worksheet?
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I found the answer after hours of futzing around on my own and 2 hr on the phone with TT support.
(1) Transfer return to TurboTax Desktop.
(2) In the Income summary section, review Rentals/Royalties/Partnerships.
(3) Select each property/business one at a time to review it. A summary of income, expenses, etc. appears for the property selected. Click "Done" to get past the financial info. After that are some QBI questions.
(4) Do you want to take the QBI Safe Harbor for this property - NO
(5) Is this income QBI - YES
(6) Business name - in my case a different designation for each property
(7) A couple of questions about SSTB income, all NO in my case
(8) Business is part of the following activity: For the first property/business, call it independent as TT suggests.
For subsequent properties/businesses being reviewed, a list should appear that includes the first property. Other businesses may also appear, if they're eligible for QBI deduction.
Link the second property and all subsequent ones to the first property at this step.
(9) When the second property is linked to the first one, the next step is a page for typing in a description of the aggregation. Once that description is entered, it will appear on the same page when subsequent properties are being aggregated.
I completed these steps for all properties, and they appeared in a single aggregation on 8995-A and related forms/worksheets including QBI Schedule B .
In TT Online the aggregation process is fubar, specifically at step 8. For example, when I want to link Property 2 with the activity that includes Property 1, Property 1 doesn't appear on the list, only Properties 3 and 4.
So I select Property 3. Then when I'm trying to link Property 3, only Property 4 appears on the list. I end up with some weird aggregation containing a subset of the properties I'm trying to link together. The sequence never gets to Step 9 and no QBI Schedule B is created.
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