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.
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.
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.
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.
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:
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
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.
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!
Unfortunately, the update for the new QBI deduction on the new IRS forms will not be available in TurboTax until February 20,2020.
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.
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.
Can we get confirmation if the QBI update fix has been released today? Thanks
Here is what I have found so far for 1120S:
Getting the step by step to start inquiring about QBI requires a dollar value in 1120s Box 17. The problem is that TT for Business does not put values into #17, it refers to a separate statement. Ok, so why doesn't TT Personal know this and get starting information from what you entered about your K-1? I had to manually put my QBI Income value into 1120S #17 next to the V in order to get the whole QBI process to come alive. That should not be necessary if K-1 info is present.
I also noted that the "None " selection on the "Uncommon items" page does not work. You have to leave all options blank to answer "None".
What I would like is some feedback from Intuit confirming this a roadblock and what should be manually added to my K-1 info/forms to get QBI to work.
A person on another post said TT said to check back on 2/28/2020 for an update. This person said they talked to TT on the phone.
This is so frustrating. I thought I could file today?! My QBI is also not calculating from my k-1.
I’m having the same issue with TT not calculating QBI. . spoke to TT customer service today and many people are running into this problem. It’s supposed to be fixed by 2/28.
Hi, it shows in the link you provided that 8995/8995A forms are now available, however I am using the Turbo Tax Online version of Self Employed and after reviewing the taxes , I am still getting the "....those expenses are not yet supported. This will be enabled in a subsequent release" message, and program will not allow me to e-file, I have been trying every day for the last week to see if anything has changed. I have even tried to un-check box 20 on the K-1 input form and still receiving the error message.
It looks as if the issue is resolved, I was just able to E-File my taxes this morning.
I just checked my Turbo Tax Business and it is still not calculating QBI. Is it working for anyone else?
There are multiple threads and you have not provided enough info. Are you using 8995 or 8995-A, have you put a value in line 17 of the K1?
8995 and 8995-A apply to my personal tax return. I am using Turbo Tax Business to prepare my 1065 for my business (an LLC taxed as a partnership). I am eligible for the QBI and TT Business should be computing the amount and putting it on line 20 of the Schedule K-1, so that I can then report it on my personal tax return. This is not happening. TT Business is computing the UBIA but not the QBI amount.