Solved

Section 199A - Qualified Business Income Deduction. Does anyone know how to get this worksheet in 2018 premier version? I am unable to find this.

Forum|Forum|7 years ago
June 3, 2019
7 replies
0 views

Tax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction

TurboTax Premier Windows

Best answer by DanielV01

It is calculated through the interview. For starters, the QBI calculation is complex, especially if the individual is above the 157,500 thresholds if single, married filing separately, or head of household, or 315,000 if Married Filing Joint. But these are the steps needed to help the program calculate QBI correctly:

Under Wages and Income, scroll down to the Subheading Business Income, and select K-1.
On the screen Choose Type of Activity select whether it is Business Income or Rental Real Estate, (if business income, answer questions regarding your stock ownership and Material Participation, if rental real estate, answer the appropriate questions about being a Real Estate Professional, Active Participation, and Special Handling.)
On the screen Check Boxes That Have an Amount, you should select Box 17 info.
You should see codes V and W on the K-1 (if you do not, this is would be one reason why the QBI does not calculate. This information must be entered from the information on the K-1 for QBI to calculate).
Select any that apply on the screen Other Situations, and any information to the question Did this business receive qulified payments from a cooperative.
Answer the question about anticipated income on the next screen, We're almost done. If anticipated income is below the threshold, QBI will calculate after that screen. If above, you will provide additional information, and QBI will calculate according to the final results of the calculations.

You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528

DanielV01

Employee

What is the source of the income you have that is eligible for the Section 199A deduction? My answer can depend on this.

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

I

info18Author

I have an S-Corp that I believe would qualify but would like to work through it step by step guide. I do not see if as an option in TT at least my version. I can show form and see something mentioned about it but would like to have a guide to see if i qualify.

C

carstenjordan

I have the same question, please clarify which TT version you are using in the explanation below.

M

mbeith

When will turbo tax have QBI for partnerships updated in their software?

DanielV01

Employee

If you'd like to post a separate question to receive assistance on your question, we can provide an answer specific to your situation.

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

M

mbeith

the software does not have any screens to enter the QBI deduction for partnerships for the 2.5% of the original investment. I am using a Mac and over a week ago I talked to someone from turbo tax and they could not help me. they said they had not fixed the problem and keep trying back. I have checked everyday and nothing updated. Very poor execution and very disappointed.

DanielV01Answer

Employee

It is calculated through the interview. For starters, the QBI calculation is complex, especially if the individual is above the 157,500 thresholds if single, married filing separately, or head of household, or 315,000 if Married Filing Joint. But these are the steps needed to help the program calculate QBI correctly:

Under Wages and Income, scroll down to the Subheading Business Income, and select K-1.
On the screen Choose Type of Activity select whether it is Business Income or Rental Real Estate, (if business income, answer questions regarding your stock ownership and Material Participation, if rental real estate, answer the appropriate questions about being a Real Estate Professional, Active Participation, and Special Handling.)
On the screen Check Boxes That Have an Amount, you should select Box 17 info.
You should see codes V and W on the K-1 (if you do not, this is would be one reason why the QBI does not calculate. This information must be entered from the information on the K-1 for QBI to calculate).
Select any that apply on the screen Other Situations, and any information to the question Did this business receive qulified payments from a cooperative.
Answer the question about anticipated income on the next screen, We're almost done. If anticipated income is below the threshold, QBI will calculate after that screen. If above, you will provide additional information, and QBI will calculate according to the final results of the calculations.

You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528

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

I

info18Author

I do not see the Scroll down and select Wrap up tax breaks. I believe I need to purchase home and business TT as I have premier that lets you do schedule k. I have my business taxes done by another so maybe i need to upgrade?