Question

Tax Year Prior to 2020: QBI

Forum|Forum|6 years ago
February 2, 2020
2 replies
0 views

I have a QBI, but I don’t understand why. I operate a home daycare and have done so, for years. Why would I now have a QBI? Why can’t I efile with it?

Thanks in Advance!

TurboTax Home & Biz Windows

ColeenD3

QBI is new as of 2018. You qualify if you have a business.

The QBI form has not yet been released by the IRS. It is expected to be released on February 5, 2020. Once it is released, Turbo Tax will incorporate it quickly and you will be able to finish your return. Great catch!

To check on the status, you can follow this link. QBI is near the bottom.

Q1. What is the Qualified Business Income Deduction?

A1. Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components.

Q2. Who may take the section 199A deduction?

A2. Individuals, trusts and estates with qualified business income, qualified REIT dividends or qualified PTP income may qualify for the deduction. In some cases, patrons of horticultural or agricultural cooperatives may be required to reduce their deduction

O

oaklander

I heard the federal form is available. When will Turbo tax allow efiling for it? (8995)

LindaB1993

Please check for updates on 02/12/2020 for the form 8995-A. The Form 8995 for the simplified QBI is available now for electronic filing.

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S

soConfused111

TurboTax says my small business doesn't qualify for QBI, but at Filing it insists I have it and must file Sch B -- by snail mail.

Can you tell me what to do?

W

WillK

Employee

Form 8995-A, the form used to calculate the Qualified Business Income Deduction, including the QBI that was disallowed in prior years and the current year which can be carried forward to future years, has not yet been approved for filing by the IRS. The expected date this will be approved by the IRS is 2/5/2020.

The state and federal governments approve the most common forms first and work their way down the list. Please see the links below for updates on form availability. Once released, Turbo Tax will work quickly to get it working in the program. Form 8995-A is near the bottom of the federal list.

Federal form availability

State form availability

Once all the forms become available and it still asks you to mail Schedule B, please print out the form and mail to address shown on the form.

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