I am using Turbotax Small business for my 2024 tax return. I found the QBI in QBI worksheet is much lower than my net business income. I checked IRA, and understand the following items that are not included. However, my business income does not incldue any of the followings. Can someone help me on how Turbotax calculates QBI?QBI does not include items such as:Items that are not properly includable in taxable incomeInvestment items such as capital gains or lossesInterest income not properly allocable to a trade or businessWage incomeIncome that is not effectively connected with the conduct of business within the United StatesCommodities transactions or foreign currency gains or lossesCertain dividends and payments in lieu of dividendsIncome, loss, or deductions from notional principal contractsAnnuities, unless received in connection with the trade or businessAmounts received as reasonable compensation from an S corporationAmounts received as guaranteed payments from a partnershipPayments received by a partner for services other than in a capacity as a partnerQualified REIT dividendsPTP income

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Question

How does TutboTax compute of QBI income?

Forum|Forum|1 year ago
March 15, 2025
1 reply
0 views

I am using Turbotax Small business for my 2024 tax return. I found the QBI in QBI worksheet is much lower than my net business income. I checked IRA, and understand the following items that are not included. However, my business income does not incldue any of the followings. Can someone help me on how Turbotax calculates QBI?

QBI does not include items such as:

Items that are not properly includable in taxable income
Investment items such as capital gains or losses
Interest income not properly allocable to a trade or business
Wage income
Income that is not effectively connected with the conduct of business within the United States
Commodities transactions or foreign currency gains or losses
Certain dividends and payments in lieu of dividends
Income, loss, or deductions from notional principal contracts
Annuities, unless received in connection with the trade or business
Amounts received as reasonable compensation from an S corporation
Amounts received as guaranteed payments from a partnership
Payments received by a partner for services other than in a capacity as a partner
Qualified REIT dividends
PTP income

KeshaH

If you'd like, we can look at your return and see exactly what you see to help come to a resolution. The return will be scrubbed and won't include any of your personal details.

If you're using TurboTax Online:

Once you're logged in to your account,

- on the left hand panel, click on Tax Tools and then choose Tools

- on the pop up window, select Share my file with Agent

- you'll see a message saying you'll give us a copy of your tax return. Your personal information will be changed so we can't see any private information.

- click okay and you'll get another message with a token

If you're using TurboTax Desktop:

Click on Online in the top menu of TurboTax Desktop for Windows
Select 'Send Tax File to Agent'
Write down or send an image of your token number and state then place in this issue.
We can then review your exact scenario for a solution

Please reply to this message with your token so that we can further assist you. Let us know all other states that are included on the return.