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Where to correct Qualified Business Income exclusions

michimochi
Level 1

In 2019, TurboTax calculated my Qualified Business Income (QBI) for Form 8995, Line 1c using Gross Receipts/Sales (Form 1120S, Line 1a) less Other Deductions (Form 1120S, Line 19).

This year for 2020, TurboTax calculated my Qualified Business Income (QBI) for Form 8995, Line 1c using Gross Receipts/Sales (Form 1120S, Line 1a) less Total Deductions (Form 1120S, Line 20).

According to irs.gov, some income items are excluded from QBI and TurboTax doesn't seem to be calculating that for 2020, which is making my QBI Deduction much less. How/Where do I make the correction in TurboTax to edit what income items are being calculated?

 

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1 Comment 1
Just-Lisa-Now-
Level 15
Level 15

I think you may be in the wrong place...this forum is for tax professionals using Intuit's professional tax software, it appears you may be looking for DIY help.

Please visit the TurboTax Help site for DIY support, they may be able to help you.


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