Qualified Business Income Deduction

[FaceArtsMusic]

Does turbo tax business 2020 let you know if QBI is the best way to go? 

[JeffreyR77]

Please clarify your question.  In almost all cases a reduction in taxable income would be the best way to go.

[dreamerguy]

line 20 code Z 199 income loss prevents filing I need to bypass and file as the entry is correct for rental property loss located on the farm

[dreamerguy]

my K-1 is a little compcated and confusses the program and prevents filing

[Margaret8]

I went into this site to see if it applied to me and I don't think it does.  However, now I can't get out of the site.  It wants all info filled in and I don't know what a NAICS code is. Help me get out so I can continue. I have never seen this section before in the Premier edition.

[CatinaT1]

What site did you go to?  The NAICS code is a business code.

[2017jkw]

Is there no way for Turbotax to calculate this?  The last time, it specifically asked me if I qualified as a QBI -for my resale business and it applied it.  
Now it's not.  I'm supposed to fill out the form manually, from what I understand?  No way am  I doing that on my own but I have no idea where on the forms to enter it or what to enter.    I guess I will just lose the deduction!  :(  Unreal - Turbotax guarantees the maximum refund but I'm not an accountant so I have no idea how to legitimately take this without possibly making a mistake on it and it's too late for me to scout out an accountant for this year.  

[npierson7]

You don't need to do it manually, the software calculate and ally the deduction automatically.  The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income on their taxes. In general, total taxable income in 2020 must be under $163,300 for single filers or $326,600 for joint filers to qualify.

[jb1822736]

Maybe my experience will be of help to you.  I supplied the usual data regarding my business (and other sources of income).  Then Turbo Tax did the QBI deduction automatically.  That was true for the 2 previous years, and it was true this year.  I’ve already filed my taxes, and IRS sent my refund.  Presumably that means i did nothing egregiously wrong!

So, my experience was consistent with what the expert said in response to your posting.

Best wishes.

[2017jkw]

Okay, thanks, because I'm finding in many other threads that it needs to be checked off on the forms section in order for it to calculate.  

[beyondthebox]

Start at the beginning of your Turbotax 1040 and go through the steps. You dont need to reenter income or deductions. A question about QBI does appear and usually only if you have entered K1 information, or filled out the Schedule C. If those forms are not present in your 1040 return, then that is why.

[Me Rosalyn]

I have a rental income & w2 

please guide me on how to manually enter the information 

thank you

[beyondthebox]

I don't think anyone is going to guide you. You need to do some research and start with a business edition of Turbotax. 

I think you could use the home and business edition and do a return. When that is done, either the QBI deduction will be present or it will not. If not, you should be in a position to ask specific questions.

In my case, I have a LLC filing as a SCORP. When I enter K1 information into my 1040 return the QBI question is asked during that process. I suspect the same will happen when filling in a Schedule C.

[katinfoco]

turbo tax added this form to my return, 8995, Qualified Business Income Deduction

I don't have a business, nor business income deduction

why did it add this to my return?

how do I delete it?

[jb1822736]

That's rather amazing.  Sadly, I don't have a clue how you might delete that.