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Your K-1 form should include the amounts needed for TurboTax to calculate the Qualified Business Income Deduction. Depending upon the type of K-1 forms, for 1065 K-1, look in box 20 for amounts with codes Z to AD and for 1120S K-1, look in box 17 for codes V to Z as these are the codes used to gather amounts for the QBID calculation.
Once your K-1 form is entered, other questions may be asked that relate to the QBI calculation, but then TurboTax will automatically calculate the QBID and place it on line 9 of your 1040 form.
Here is how to preview your 1040 form in TurboTax online:
Your K-1 form should include the amounts needed for TurboTax to calculate the Qualified Business Income Deduction. Depending upon the type of K-1 forms, for 1065 K-1, look in box 20 for amounts with codes Z to AD and for 1120S K-1, look in box 17 for codes V to Z as these are the codes used to gather amounts for the QBID calculation.
Once your K-1 form is entered, other questions may be asked that relate to the QBI calculation, but then TurboTax will automatically calculate the QBID and place it on line 9 of your 1040 form.
Here is how to preview your 1040 form in TurboTax online:
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