QBI on 1099
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nerry
Level 2

QBI on 1099

Hello, I am self-employed and am due to receive a 1099 for the work I've done this past year. I'm getting a head start on my taxes and noticed that even though my final income (after expenses) is $25,000, Turbotax is not offering me the option to do a QBI election. How do I do that? In the past, I have functioned as an SCorp and have taken the QBI deduction (K-1 form). This year, I have dissolved my SCorp and have been working as a sole proprietor. My understanding is that sole proprietors can take the QBI. I am using Turbotax self-employed

3 Replies
VolvoGirl
Level 15

QBI on 1099

That part of the program may not be ready yet.  There will be many program updates to come.  The IRS won't be taking efiles until Jan 27 so there's no hurry.

nerry
Level 2

QBI on 1099

It helps with financial planning, to know how much to keep aside for estimated tax payments and also how much I am netting, so I don't overspend!

NCperson
Level 15

QBI on 1099

if you go into Forms view of the downloaded version,  QBI should work (I did one earlier today). 

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