A K-1 is issued by an S-Corp or a Partnership. If you do not have one of these or another business did not issue your LLC one, then you made an incorrect entry somewhere. If you have a sole proprpietorship, that would not issue you a K-1. You would enter all income and deductions on your Schedule C. Please see the screen shot below.
QBI is calculated automatically based on your answers for your Schedule C.
Q1. What is the Qualified Business Income Deduction?
A1. Section 199A
of the Internal Revenue Code provides many taxpayers a deduction for qualified
business income from a qualified trade or business operated directly or through
a pass-through entity. The deduction has two components.
- Eligible taxpayers may be entitled to a
deduction of up to 20 percent of qualified business income (QBI) from a
domestic business operated as a sole proprietorship or through a
partnership, S corporation, trust or estate. For taxpayers with taxable
income that exceeds $315,000 for a married couple filing a joint return,
or $157,500 for all other taxpayers, the deduction is subject to
limitations such as the type of trade or business, the taxpayer’s taxable
income, the amount of W-2 wages paid by the qualified trade or business
and the unadjusted basis immediately after acquisition (UBIA) of qualified
property held by the trade or business. Income earned through a C
corporation or by providing services as an employee is not eligible for
the deduction.
