REIT Dividends and QBI

[Aura22]

I know very little about REITs and QBI's so had to do a lot of reading just to figure out the right way to ask this question.   

We received $77 in REIT dividends in 2021 and were surprised to see a QBI form generated for such a small amount.  I thought I read that a QBI applied a larger amount.  We aren't a business, we're retired.  Is this correct? 

[davidlramirez]

You are absolutely right, it is complicated and to much reading, so I've tried to get help the the turbo tax folks and yep you guessed it ZERO.  Let's see I've been using turbo tax since it first came out.  At first everything went well but more recently those little red review dings are showing up and I just can't figure my way around it.  So at this point I concluded that turbo tax is no more that a spread sheet for me.  And I just ignore those little mistakes which don't seem to amount to much is bucks.  Gee what a deal!  But then we can't e-file with those little red dings, so since turbo tax really isn't any help, just a glorified spread sheet, I just print it out and mail it to the irs,  funny put the 2 words together and it spells , theirs, and so it is.  This time I made the mistake of paying for the state tax for e-file, $20, and now that red ding won't let me e-file.  But as useless as TT is I'll probably have to get the CC to dispute the charge.  So there you are. It's a bummer.  David L Ramirez

[ThomasM125 · Accepted solution]

It is correct. Because you own a share of the REIT, your share of its qualified business income (QBI) gets reported on your tax return. There is no minimum amount of QBI that does not need to be reported on your tax return.

[pallenweb2]

I got to the point of final review and find I have to fix errors I have no info about since these are mutual fund REIT monies. (We're talking about $5!!!) I asked several CPAs and no one knows what to do about it. I thought I'd try e-filing anyway, but it won't let me go any further. I should not have to pay to have to mail this. Obviously there are a few people that have this issue and it needs to be resolved.

I thought about just answering the questions with some off-the-wall answers, but I know you don't draw attention to yourself with the IRS!

Come on INTUIT! Let's get a fix to this. This has coast me so much time trying to figure out what to do!

[pallenweb2]

I just spent about an hour with Tranisia at INTUIT. She was very patient and we finally figured out what to do to fix the error. Make sure you click the NO box on whether you have Rental Properties. Mine also had made a Schedule E Worksheet. Make sure that is deleted.

Whew! Every year is something new that is unusual!

Hope this saves somebody else days of research and hours on the phone!

[Mike9241]

If there are REIT dividends that qualify for the QBI deduction, box 5 on the 1099, and you don't want it leave box 5 blank.