My wife & I own a chemical company, making less than the QBI income threshold. Turbotax is limiting our deduction to $25. Can someone explain if this is correct?

QBI is an annoying equation.  Here's the IRS take-

1. QBI Component. This component of the deduction equals 20 percent of QBI from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust, or estate. The QBI Component is subject to limitations, depending on the taxpayer's taxable income which may include the type of trade or business, the amount of W-2 wages paid by the qualified trade or business, and the unadjusted basis immediately after acquisition (UBIA) of qualified property held by the trade or business. It may also be reduced by the patron reduction if the taxpayer is a patron of an agricultural or horticultural cooperative.

It's impossible to know whether the system has calculated your QBI correctly from the information here.  Go back through your business entries and check to make sure that you have everything in there correctly.  

@ebmessick