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@pverma222 if you insist on printing and mailing because it has not been finalized yet and the bugs worked out of the system then by all means go ahead and print and mail your return. take it from someone on the inside
After 3 weeks of dealing with this TurboTax FUBR, I went to FreeTaxUSA, via one of the recommendations thru IRS.gov website, that offered free online tax preparation, AND free eFile for IRS and State.
NO Sch C or Form 8995 issues or delays. I was even able to import last years taxes done by TT. BAM! done and filed. I wish I would have cut my loses weeks ago.
I did the same thing, went to FREETAXUSA.COM. FU turbotax. Wasted weeks of my time waiting on forms. NEVER AGAIN. Just lost a customer.
No Thanks , today is the February the 25 , the Form is till not available in Turbo Tax !
you say thank you OK
Form is released and in the software (TT Home and business), but not populating with an amount from my K-1
For the purposes of the qualified business deduction, these need to be reported on a 8995A. This form has not been released by the IRS.
Here is the latest updates on when the forms will be released by the IRS. Please review this IRS link. for information on the latest updates. Looks like 2/28/2020 for the 8995A form.
@DaveF1006 Form 8995 (short form is acceptable if a filer meets the criteria). TT has selected that form for me so you are wrong that QBI is exclusive to the 8995-A form.
You released 8995 weeks ago. Nevertheless, TT continues to show an error specific to 8995-A when it does not apply to me and many other returns.
That should be fixed immediately.
@DaveF1006 this is not correct. Below are the requirements directly from the IRS instructions for form 8995. I would imagine many people with QBI will fall under these guidelines and not need 8995-A. Those with income from an SSTB will need 8895-A but not all of us.
Who Must File
Individuals and eligible estates and trusts
that have QBI use Form 8995 to figure the
QBI deduction if:
• You have QBI, qualified REIT
dividends, or qualified PTP income or loss
(all defined later),
• Your 2019 taxable income before your
QBI deduction is less than or equal to
$160,700 ($160,725 if married filing
separately or a married nonresident alien;
$321,400 if married filing jointly), and
• You aren’t a patron in a specified
agricultural or horticultural cooperative.
Otherwise, use Form 8995-A, Qualified
Business Income Deduction, to figure your
QBI deduction
That form is still in the draft stage even though it is in the program, there will be glitches with it which are unavoidable, how can it be fixed when even the irs says it is a draft?
@Cherie_S yes the 8995A form is listed as not available until 2/28, but form 8995 is listed as available on 2/7 by the IRS. To make it even more confusing this list from TT shows both should be available now. I just want someone from TT to come into these forums and clarify the situation for the users who are stuck in the e-filing loop. The lack of serious support is driving customers away. There are too many solid TT competitors available on the market for this lack of product support to be tolerable.
@louchem I presume your return is using the 8995 and that a QBI deduction appears on your 1040. If the
8995-A issue is the only error flagged by the review, have you clicked on the file tab and tried to submit your return?
@ericinmaryland that is correct, the QBI deduction is calculated in form 8995 and it shows up in my 1040. When I try to e-file I am forced to run the error check which flags the worksheet and says the section will be supported in a future release. I get sent back to the error check screen with no way to file. I am using the Windows version of TT Deluxe and the software is fully up to date.
To @ericinmaryland and everyone else, they finally fixed it! I was just able to file 5 minutes ago after a software update. So, anyone still waiting, give it a try.
Yup ... my version updated and the error is gone.
Perhaps some one here can help me out. I have rental income and am completing a partnership return. Last year, my K-1 showeed in Box 20 a two "Z" codes one that said "STMT", which is the statement and the other "Z" with the dollar amount for my QBI deduction (which was the same amount for box 2 on the K-1) Also, Box 20 showed "AB" amount. This year, it's not showing anything but a "Z" and says "STMT" when I scroll down the K-1, there is a statement A that says "QBI pass through Entity reporting." It shows rental income and UBIA of qualified property. I thought perhaps there was a form that was delayed that wasn't calculating it, but for everyone else's now seems like is working or going through. Anyone know what I'm missing here? Did they change it sow that this statement is my QBI amounts? Last year it was simple, I just selected the letter code Z that was in my K-1 and and put the dollar amount in my personal return. Any assistance would be appreciated.
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