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Turbo Tax 2024 Premier and QBI Carryover

I am *SO* disappointed in 2024 Premier.

I populates my 2024 return from the 2023 return 2023 Premier created last year.
For some reason it craps out with some QBI 179 carryover problem.
I don't understand this tax stuff, which is why I pay Turbo Tax to figure this out.
It tells me I have to find it in my 2023 and manually enter it.

I have no clue what it wants, and am spinning my wheels.
I now have to file an extension, or hire a CPA to figure this out.
Frankly, with all the 2024 problems I've had, it is time to hire a CPA to do my taxes.
The risk with incomplete tax returns is far more costly than hiring it out.
I have a simple return with only a single piece of rental housing.

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2 Replies
ThomasM125
Expert Alumni

Turbo Tax 2024 Premier and QBI Carryover

Your section 179 carryover would be listed on Form 4562 (depreciation and amortization) from the previous year on line 13. It sounds like you have rental property. If so and it qualifies for qualified business income (QBI) treatment, the section 179 carryover amount would be the "QBI 179." So, enter the amount on line 13 of your 2023 Form 4562.

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Turbo Tax 2024 Premier and QBI Carryover

I solved my problem by skipping the QBI deduction altogether.

 

I am paying Turbo Tax to do these calculations.

I am not paying TT for me to dig them out of a return that TT prepared last year.
TT knows exactly what it wants, and where to find it in last years return.

I have no clue what it wants, and rather than risk it being wrong, I deleted my QBI deduction.

Simple rental property calculations should be an absolutely solid part of Turbo Tax.
Apparently it is not.

 

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