Question

QBI Not Calculating

Forum|Forum|6 years ago
January 24, 2020
3 replies
0 views

I'm using TurboTax Business 2019 and QBI calculations are not occurring or showing on the K-1s. Last year there was K V W S in section 17 of K-1 this year it is blank.

TurboTax Business Windows

AmyC

Employee

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.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

D

Danielle CAuthor

Awesome. Now I can relax and wait !

T

ThomasM125

This is correct. The QBI information will show in box 17 of your S corporation schedule K-1. Once the program update is available, your QBI will calculate based on your entries in that section.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

S

shanecw9

I'm having a similar issue using Turbo Tax Business. I qualify for QBI deduction (taxable QBI income falls below the 2019 IRS threshold; I used TT Business in 2018 and qualified for QBI deduction) but this year TT software isn't calculating the deduction. I get it the 8895-A form isn't released by the IRS until 2/20/2020. But shouldn't TT be calculating the QBI, at least indicating that I do/don't qualify, calculating the deduction on the K-1 or notifying to wait for the 8895-A form? Right now the TT program isn't saying anything. It just isn't calculating the QBI deduction without indication why. I've called the customer support line multiple times and got told it appears there's a programming error but no definitive resolution yet. Is there a programming error or missing update for TT Business? Pls assist.

C

CC1965

Has the IRS release the QBI? TT is not calculating this as of 1-23-22