QBI Not Calculating
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Returning Member

QBI Not Calculating

I'm using TurboTax Business 2019 and QBI calculations are not occurring or showing on the K-1s. Last year there was  K V W S in section 17 of K-1 this year it is blank. 

31 Replies
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Expert Alumni

QBI Not Calculating

The QBI form has not yet been released by the IRS. It is expected to be released on February 5, 2020. Once it is released, Turbo Tax will incorporate it quickly and you will be able to finish your return. Great catch! 

To check on the status, you can follow this link. QBI is near the bottom.

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Returning Member

QBI Not Calculating

Awesome. Now I can relax and wait !

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Expert Alumni

QBI Not Calculating

This is correct. The QBI information will show in box 17 of your S corporation schedule K-1. Once the program update is available, your QBI will calculate based on your entries in that section.

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Level 15

QBI Not Calculating

you are giving our last year's info.  for 2019, the IRS has a new form for reporting QBI info. it applies to individuals and pass-thru entities.  it's form 8995/8995A. 

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Returning Member

QBI Not Calculating

Is the IRS delayed release of the QBI form the reason why my TurboTax 1040 and 8995 shows an REIT dividend when I have no such income? Section 1 of the 8995 that is supposed to list Trade, Business, or Aggregation names is completely blank. but the 8995 worksheet shows Qualified REIT dividends that I'm pretty sure I have never received.

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Expert Alumni

QBI Not Calculating

The form 8995-A for the QBI deduction should be finalized by IRS on 02/12/2020.  

 

If the Form 8995 is not applicable to you, please delete the form.

 

Here's the general procedure for viewing the forms list and deleting unwanted forms, schedules, and worksheets in TurboTax Online:

  1. Open or continue your return in TurboTax.
  2. In the left menu, select Tax Tools and then Tools.
  3. In the pop-up window Tool Center, choose Delete a form.
  4. Select Delete next to the form 8995 in the list and follow the instructions.
  •  
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Level 1

QBI Not Calculating

Does the current estimated Federal Refund in progress reflected the QBI deduction, even though the Form 8995A isn't available until 2/20/20? When I'm going thru the return it says I'm eligible for the QBI and gives me a dollar amount. I just want to make sure the current estimated refund is unaffected and isn't going to change significantly for better or worse once Form 8995A becomes available and is incorporated in my return. It appears TurboTax is factoring in the QBI and I simply have to wait for the form, but I want to clarify. Thanks

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Expert Alumni

QBI Not Calculating

Yes, the Qualified Business Deduction is calculating and reflected in the current information on your return as long have you have answered all of the questions.

 

Once the form 8995A is completed then you can file your return.

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Level 1

QBI Not Calculating

Any update on this? I am using Home and Business 2019 and have entered all my information including K1 but it's not calculating my QBI like it did last year. I am under the amount so I qualify. Please advise. Thanks!

 

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Expert Alumni

QBI Not Calculating

Unfortunately, the update for the new QBI deduction on the new IRS forms will not be available in TurboTax until February 20,2020.

@Dlowry

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Level 2

QBI Not Calculating

I had a similar surprise.  Check Box 5 of your 1099-DIVs.  You may have dividends that qualify for 199A treatment, even though you do not directly have a REIT.

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Expert Alumni

QBI Not Calculating

Box 5 Section 199A dividends

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Returning Member

QBI Not Calculating

I'm having a similar issue using Turbo Tax Business. I qualify for QBI deduction (taxable QBI income falls below the 2019 IRS threshold; I used TT Business in 2018 and qualified for QBI deduction) but this year TT software isn't calculating the deduction. I get it the 8895-A form isn't released by the IRS until 2/20/2020. But shouldn't TT be calculating the QBI, at least indicating that I do/don't qualify, calculating the deduction on the K-1 or notifying to wait for the 8895-A form? Right now the TT program isn't saying anything. It just isn't calculating the QBI deduction without indication why. I've called the customer support line multiple times and got told it appears there's a programming error but no definitive resolution yet. Is there a programming error or missing update for TT Business? Pls assist. 

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Level 1

QBI Not Calculating

Can we get confirmation if the QBI update fix has been released today? Thanks

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