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February 21, 2021
Question

Turbotax is showing Qualified Business Income Deduction but I don't own any business.

  • February 21, 2021
  • 1 reply
  • 0 views

I  sold Stocks and I think it might be miscalculating. On Robinhood 1099 it shows under

Section 199A dividends that's the same amount TurboTax is counting. What should I do? I don't think I can leave the deduction the way it is, $11. 

    1 reply

    ColeenD3
    February 21, 2021

    Yes, it is sometimes due to dividends and REITs. You can leave it.

    February 21, 2021

    But is it legal or a Turbotax error? There is no option to delete it.

    February 22, 2021

    The Qualified Business Income Deduction can be generated from one of two components. 

    • The QBI component can result from a sole proprietorship, partnership, S corporation, trust or estate.  The first component would likely be reported on Schedule C, Schedule E, Schedule F or a K-1. 
    • The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income.  The second component could be reported on 1099-DIV or a K-1. 

    The section 199A dividends are generating the QBID.

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