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elucidave
New Member

I am a sole proprietorship and I want to make sure TurboTax is giving me that 20% deduction -- not sure where to check in my online form to see.

 
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4 Replies
Carl
Level 15

I am a sole proprietorship and I want to make sure TurboTax is giving me that 20% deduction -- not sure where to check in my online form to see.

Type "QBI" (without the quotes) in the search box, and if it's available yet in the program (it may not be) you'll get a "jump to" link you can click.
elucidave
New Member

I am a sole proprietorship and I want to make sure TurboTax is giving me that 20% deduction -- not sure where to check in my online form to see.

Thanks so much, that's what I was looking for!

I am a sole proprietorship and I want to make sure TurboTax is giving me that 20% deduction -- not sure where to check in my online form to see.

The new 20% QBI deduction is available to Sch C filers and when the program is fully updated sometime late January at the earliest ... you will see the deduction happen automatically. 

The new section 199A deduction propagates from the QBI Deduction Summary to the 1040 Worksheet to Form 1040 line 9.

What is the new 20% QBI Deduction
https://ttlc.intuit.com/questions/4499030-what-is-this-new-20-business-deduction
Anonymous
Not applicable

I am a sole proprietorship and I want to make sure TurboTax is giving me that 20% deduction -- not sure where to check in my online form to see.

this may not apply to you but the QBI deduction has a phase-out starting at $315,000 of taxable income for married filing joint, $157,500 for everyone else.  certain specified service activities do not qualify

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