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kraig3
New Member

How do I check the safe harbor question, for my QBI, to make sure I declined this option, before I file. I opted not to use Safe harbor, just QBI.

Before final filing, I was going over my return, and it had said something about De minimis safe harbor, but I can not go back and review that now. I chose not to use safe harbor when asked as I was filing out return. I want to make sure this was not chosen, since I dont qualify for this election, because of the 250 hrs of bookkeeping requirement.
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DawnC
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

How do I check the safe harbor question, for my QBI, to make sure I declined this option, before I file. I opted not to use Safe harbor, just QBI.

There are two different safe harbor elections.   

 

The De Minimis Safe Harbor election lets you deduct the full cost of items worth $2,500 or less, instead of depreciating. You can also use the Safe Harbor Election for Small Taxpayers to expense the cost of improvements to business buildings if you qualify.   These elections are available for Schedule C businesses, rentals, farms, and farm rentals.

For instructions on claiming the De Minimis Safe Harbor Election in TurboTax, select your product:

TurboTax Online

TurboTax CD/Download

------------------------------------------------------------------------------------------------------------------------------------------------

Qualifying for QBI - safe harbor.   See this link to see where these questions are asked.   This is the safe harbor that requires 250 hrs of bookkeeping.   

 

What is QBI?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
DawnC
Expert Alumni
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

How do I check the safe harbor question, for my QBI, to make sure I declined this option, before I file. I opted not to use Safe harbor, just QBI.

There are two different safe harbor elections.   

 

The De Minimis Safe Harbor election lets you deduct the full cost of items worth $2,500 or less, instead of depreciating. You can also use the Safe Harbor Election for Small Taxpayers to expense the cost of improvements to business buildings if you qualify.   These elections are available for Schedule C businesses, rentals, farms, and farm rentals.

For instructions on claiming the De Minimis Safe Harbor Election in TurboTax, select your product:

TurboTax Online

TurboTax CD/Download

------------------------------------------------------------------------------------------------------------------------------------------------

Qualifying for QBI - safe harbor.   See this link to see where these questions are asked.   This is the safe harbor that requires 250 hrs of bookkeeping.   

 

What is QBI?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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