Solved: QB income deduction does not reflect on my return
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hm783877hm
Level 1

QB income deduction does not reflect on my return

Why my QB income deduction does not reflect on my return (even I checked QB income box)?

1 Best answer

Accepted Solutions
JamesG1
Expert Alumni

QB income deduction does not reflect on my return

What is the source of your Qualified Business Income?

 

The Qualified Business Income Deduction can be generated from one of two components.

  • The QBI component can result from a sole proprietorship, partnership, S corporation, trust or estate.  The first component would likely be reported on Schedule C, Schedule E, Schedule F or a K-1.
  • The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publically traded partnership (PTP) income.  The second component could be reported on 1099-DIV or a K-1.

Qualified business income reported on a K-1 will require:

  • Box 17 code V for 1120S, or
  • Box 20 code Z for 1065.

See also this TurboTax Help

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3 Replies
AkinaLO
Intuit Alumni

QB income deduction does not reflect on my return

What does it say when you get to that section?

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hm783877hm
Level 1

QB income deduction does not reflect on my return

Nothing, just ask me if qualify QB income, if so check the box. Thank you.

JamesG1
Expert Alumni

QB income deduction does not reflect on my return

What is the source of your Qualified Business Income?

 

The Qualified Business Income Deduction can be generated from one of two components.

  • The QBI component can result from a sole proprietorship, partnership, S corporation, trust or estate.  The first component would likely be reported on Schedule C, Schedule E, Schedule F or a K-1.
  • The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publically traded partnership (PTP) income.  The second component could be reported on 1099-DIV or a K-1.

Qualified business income reported on a K-1 will require:

  • Box 17 code V for 1120S, or
  • Box 20 code Z for 1065.

See also this TurboTax Help

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

View solution in original post

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