If you mean the Qualified Business Income deduction, there are a number of different income types that can generate the deduction.For the purposes of the deduction, QBI is defined as net business income, excluding: Income generated outside the United States Investment income Form W-2 compensation paid to an S corporation owner Guaranteed payments to a partner Income from REITs, publicly traded partnerships, and qualified cooperatives (these entities may qualify for a 20% deduction under a different set of rules, the explanation of which is beyond the scope of this FAQ).Please see the IRS’s Qualified Business Income Deduction page and TurboTax’s Help articles“What is the Qualified Business Income (QBI) deduction?” and "Do I qualify for the qualified business income deduction?" for more information.

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Why is turbo tax giving me the qualified business credit? I am not self employed and work for a private company? Where do I see what triggered the credit?

Forum|Forum|6 years ago
March 4, 2020
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Best answer by ColeenD3

It is probably from a 1099-Div, Box 5. Section 1099A dividends are entered there.

J

JohnW152

If you mean the Qualified Business Income deduction, there are a number of different income types that can generate the deduction.

For the purposes of the deduction, QBI is defined as net business income, excluding:

Income generated outside the United States
Investment income
Form W-2 compensation paid to an S corporation owner
Guaranteed payments to a partner
Income from REITs, publicly traded partnerships, and qualified cooperatives (these entities may qualify for a 20% deduction under a different set of rules, the explanation of which is beyond the scope of this FAQ).

Please see the IRS’s Qualified Business Income Deduction page and TurboTax’s Help articles“What is the Qualified Business Income (QBI) deduction?” and "Do I qualify for the qualified business income deduction?" for more information.

J

jkbulldog12

I am having a similar situation where I cannot stop TurboTax from giving me the qualified business credit. I do not think I qualify for it, and I just want to get rid of it. Manually deleting the form does not help. Thanks!

ColeenD3Answer

It is probably from a 1099-Div, Box 5. Section 1099A dividends are entered there.

T

TaxChickNYC

It was explained to me that if I received dividends there might be a real-estate related dividend that triggered the credit. Sure enough, I checked the investments providing a dividend and one of them is a real estate investment trust (REIT). Thus the credit.

1

1rn

I have line 5 of 1099-div with an amount giving me a qualified business credit. I do not have a business. How do I remove the credit. I did not say I have a business. Do I remove the amount from line 5 on my dividends. Do I delete form 8995. How do I remove the credit

T

ThomasM125

The company you have an ownership interest in that issued you the 1099-DIV has QBI income, so that means you have the same, since you are an owner.

You can leave the box 5 entry off of your 1099-DIV entry if you want, but it may increase your tax.

A simple way to delete forms in TurboTax online is to use the Tax Tools menu option, which is on your left menu bar when you are working in your program. Then, choose Tools and then Delete a form.

If you are working in the download TurboTax program, use the Forms Mode on your menu bar to bring up the form you want to delete, then choose the Delete Form option at the bottom of the form.

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