The Qualified Business Income (QBI) deduction allows non-corporate taxpayers to deduct up to 20% of their qualified business income. Business owners and beneficiaries with income from a partnership, S corporation, or trust reported on Schedule K-1 are generally eligible for the QBI deduction.
To claim this deduction, you need to enter the information from your specific K-1 form(s) into TurboTax. Your QBI deduction will then be automatically calculated for you.
