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I have S Corp business income from a K-1. Where do I need to input in Turbo Tax to get the qualified business income deduction?
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I have S Corp business income from a K-1. Where do I need to input in Turbo Tax to get the qualified business income deduction?
Your K-1 from your SCorp should have amounts listed in box 17 with one or more codes from this range: V, W, X, Y, or Z. The amounts in box 17 with these codes are the amounts that will be used for the calculation of the Qualified Business Income Deduction (QBID). Therefore, once you enter your K-1 and the box values for 17, TurboTax will be aware that the QBID calculation needs to be determined. This amount will be reported on line 9 of your 1040 form. Note, if there not any amounts in Box 17 with at least one of those codes, then you need to go back to the preparer of the K-1 and find out why.
Here is more information on the QBI deduction, plus examples of how the deduction is calculated:
https://ttlc.intuit.com/replies/7019998
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