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DaveF1006
Employee Tax Expert

QBI Not Calculating

Line 17 is asking for information regarding your 199A information. What it is instructing you to do is report it under CODE V. . As you enter information, the statement should have information telling you what kind of income it is because you will be asked what type of 199A income is it. It could be: Reit Dividends, ordinary income etc. Here you will enter all the income information that is in the statement.  it could be several income types but as you check the various sources, you will be able to enter the income amounts that are listed on the statement for each income source.

 

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manti6
New Member

QBI Not Calculating

Thank you for this simple to follow explanation! ! !  

QBI Not Calculating

Hello I realize this is old thread but I'm currently using 2019 Turbo Tax Small Business. I'm a sole proprietor self employed contracter and only have income on 1099-MISC form. The software is not calculating my QBI. Is there a certain field I should be filling out for this? I do not have an S Corp or partnership etc for K-1 form.

Irene2805
Expert Alumni

QBI Not Calculating

Form 8995-A, Qualified Business Income Deduction, has not yet been finalized.  For current information on forms availability please click on the applicable link below:

 

TurboTax Online automatically updates the website when the forms become available.


In TurboTax CD/Download, you will be prompted to download any updates available when you open the program.  You can also update the program while you have it open by following these steps:

  1. Click on the Online link in the black bar at the top of the page.
  2. Click on Check for Updates.
  3. TurboTax will download and install any updates available.  If there aren't any updates, you will receive the message "Your software is up to date."

QBI Not Calculating

I am self employed and have QBI, but TT is not reflecting the deduction in form 8995.  I checked the box that states I have QBI, and TT confirms it, but then as I proceed through the calculations, TT says that I am not a QBI.  I get income info from 1099-NEC.  My form 8995 shows 0 QBI for some reason.  Anyone have any idea how to change that figure to reflect correctly?

DaveF1006
Employee Tax Expert

QBI Not Calculating

It depends if you have a net profit remaining after subtracting your expenses. It also depends if you have taxable after your standard/itemized deduction was applied.

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CC1965
New Member

QBI Not Calculating

Has the IRS release the QBI?  TT is not calculating this as of 1-23-22

QBI Not Calculating


@CC1965 wrote:

Has the IRS release the QBI?  TT is not calculating this as of 1-23-22


Form 8995-A, Qualified Business Income Deduction is estimated to be finalized in TurboTax on 01/27/2022

 

Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

QBI Not Calculating

Worked for me using HB 2022. Its tied either to schedule C or K1. 

QBI Not Calculating

The form may not be ready, but TurboTax will calculate QBI. 

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