QBI in turbotax business

Forum|Forum|4 years ago
January 18, 2022
2 replies
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I am filling out the form 1065 in turbotax business for a general partnership. They do qualify for the QBI. Should the program be calculating this for me and should it be populating somewhere on the K-1? I did say that yes, the income is QBI eligible and the box is checked on the section 179 carryover form that it takes me to. It's now asking me to enter an amount in section 179 Part II Box A. Does the QBI then just come into play when we do the personal tax in the Home and Business program? This is our first year as a partnership, previously sole proprietor for several years and no problem using the Turbotax self employed program.

Thanks

TurboTax Business Windows

Anonymous_

Level 15

The QBI (Section 199A) deduction is on Line 20 of your K-1s with a Z code.

The program should also generate a statement (Statement A) for each partner.

ThomasM125

Level 15

You designate the property as QBI property on your partnership return by checking the box on the 199A Worksheet by Activity worksheet where it says Is this activity a qualified trade/business?

That will create a code "Z" on line 20 of you K-1 schedule. There will be a statement attached to your K-1 schedule that you will use when you enter your K-1 on your personal tax return to get credit for the QBI.

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