I should qualify for the 20% qualified business income deduction, but the line is blank on my form and I do not see any questions or calculations as to the deduction?

[ldrasner]

I am a general partner and get a K1.  I am married filing jointly and my taxable income is less than 315k.  I do not see in TurboTax where this is determined and I got no questions on it.

[JulieCo · Accepted solution]

The QBI deduction will be determined for K-1 income if the K-1 form has amounts and codes in the following boxes (depending upon the type of entity) and you have taxable income on your 1040 return:

• For Form 1065 K-1 forms, amounts need to be in box 20 with codes within the range of Z to AD or 
  
• For 1120S K-1 forms, amounts need to be in  box 17 with codes of V, W, X, Y and/or Z. 

You will have to complete the entire K-1 entry section in order for the QBI deduction to calculate.

For taxable income under $157,500 single or $315,000 joint, the deduction is 20% of QBI (which is your qualified business income less your portion of self-employment taxes, self-employed health insurance, etc) OR 20% of your taxable income (except capital gains and dividends), whichever is LESS.  The QBI deduction is reported on line 9 of your 1040 form.

Note that not all rental activity is eligible for the QBI deduction.

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