I want to take advantage of the REIT 20% QBI. I am well under the income limits.
However I see that for 2018, TT gave me a $0 QBI deduction. TT entered my "Income Before QBI Deduction" from line 10 form 1040 - OK. Then it entered a larger amount for the "Net Capital Gains" for the next line of the QBI Deduction Summary Form. I can't understand where TT got that number. It is larger than line 10, 1040 so it generated the $0 Credit. There is no click through on that line and so I can't see where TT is pulling it from and it's MUCH larger than my actual Net Capital Gains.
Where does TT pull Net Capital Gains from in order to calculate the QBI? Or why it is so much larger than my actual Net Capital Gains (Schedule D/Line 13 Schedule 1)?
Can anyone shed light on what TT did in 2018? Thanks!
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Looking at this further. Not that I know the answer. But it seems to me that Net Capital Gains should be the same as line 22 on Schedule D and it isn't. It is a LOT higher, not quite double, but not that far off.
I am increasing feeling that this is TT error. Anyone else see this?
Of course the worksheet is not visible and if you weren't looking for it you wouldn't see it.
The Net Capital Gain used is the Qualified Dividends plus (Long Term Cap Gain divided by Short Term Cap Gain)
@rennman
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