I drive for Uber, Lyft, and Doordash. Last year I qualified for a $521 QBI deduction, and this year I'm getting $0. I took advice from elsewhere on this forum to go to my "self employment income" tab, then hit "edit," then select Qualified Business Income under business summary. I answered the prompts, it says that I should qualify for QBI since I make under the threshold amount, but then when I go to my federal review, it still says that I don't get any QBI deduction. What gives?
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Take a look at your actual tax forms. You must have positive net income from your work. Once you find the problem, you can fix it. You can reply with where you see the problem and we can help get it fixed.
To print or view your forms:
I don't want to select pay now because I'm hoping that this deduction will lower what I owe. Is there another way to look at the forms?
The pay now is for the Turbo Tax fees not your tax due. You have to pay the Online fees to see all the forms.
Print the return before you file (you will have to pay first)
You can preview your Form 1040 and without paying; instructions are linked below. Look on Line 10. Your tax summary is also available, pre-payment of fees.
The deduction depends on the taxpayer’s total taxable income, which includes wages, interest, capital gains, etc. in addition to Qualified Business Income. At higher income levels, whether or not the business is an SSTB will also play a role.
For incomes under $191,950($383,900if filing jointly): The calculation is straightforward—20% is applied to QBI or taxable income minus capital gains and dividends (whichever is less) to come up with the deduction.
Preview Form 1040 in TurboTax Online.
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