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how do i enter scorp 20% reduction in income in turbo tax deluxe for both federal and state? I read through the instructions, I know that I am eligible to reduce my income by 20% so I took the number from my K1 and VK1 (state) and reduced it by 20% and manually updated the numbers in turbo tax deluxe. Is that correct?
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No, you should not manually adjust the numbers on your K-1 numbers to get your qualified business income (QBI) deduction. TurboTax will calculate your QBI deduction when your K-1 is entered into TurboTax correctly.
For an S-corp Form 1120S Schedule K-1, the QBI information is the Section 199A Statement or STMT provided with your K-1 for box 17 code V. You'll need to put the information from your K-1 statement into the categories shown in the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens (see two screenshots later in this post).
Enter the code V when you enter the K-1 box 17 screen, but you don't need to enter an amount. Continue, answer the QBI questions on the next couple of screens, and eventually you'll find the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens. When you check the box next to a category, a place will open up to enter your amounts. These screens (as applicable to the amount(s) on your statement) must be completed in order for your K-1 QBI information to be correctly input into TurboTax.
To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.
Here are the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your K-1:
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