☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Apr 7, 2021 2:07:27 PM

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)?

0 3 292
1 Best answer
Expert Alumni
Apr 12, 2021 9:38:42 AM

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

3 Replies
Intuit Alumni
Apr 8, 2021 11:56:58 AM

What does it say when you get to that section?

Level 1
Apr 8, 2021 11:59:56 AM

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

Expert Alumni
Apr 12, 2021 9:38:42 AM

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