20% Pass-Through Tax Deduction for Business Owners

[E30]

Hi. 

I have an Engineering PLLC. How do I know TT Deluxe  is giving me the 20% pass thru deduction.

Can't find its calcs anywhere.

Thanks

[DavidS127]

The small business tax deduction, also known as the qualified business income or QBI deduction, doesn't reduce the self-employment net income (or K-1 income, if your PLLC is filing a business return).  Instead, it shows up as a credit on Line 10 of Form 1040. 

Check Line 10 on your Form 1040 in TurboTax Online using these steps:

1.    Click Tax Tools (on the left pane)

2.    Click Tools (just Tax Tools on left pane)

3.    In the pop-up window click View Tax Summary

4.    On the left pane click Preview my 1040” to review the entries on your Form 1040, Line 10

Your QBI deduction will be on Line 10.

To return to the TurboTax interview questions, click "Back" on the left pane.

You can find your Form 1040 in TurboTax Download/CD versions by clicking into "Forms" mode.

[sjlocke]

The QBI isn't scheduled to work correctly in TT until 2/12 (at the earliest).

[E30]

Thanks for everyone's reply.

I appreciate it!

Sounds like I need to wait a few days before updating

[sjlocke]

It's now 2/20.