I am using turbo tax home & business software & reported via a K-1 my small business income.
Question: why did not the software automatically calculate the 20% deduction on the income. I had to learn via other customers that you needed to check the # 20 box for the software to calculate. I did not see that instruction anywhere.
Where did I go wrong in entering K-1 sm. business income or does your software have a problem?
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It depends. For starters, the QBI calculation is complex, especially if the individual is above the 157,500 thresholds if single, married filing separately, or head of household or 315,000 if Married Filing Joint. Because of the complexity of the calculation, QBI cannot calculate automatically; more information is needed to verify you qualify for the deduction. But these are the steps needed to help the program calculate QBI correctly:
You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528
It depends. For starters, the QBI calculation is complex, especially if the individual is above the 157,500 thresholds if single, married filing separately, or head of household or 315,000 if Married Filing Joint. Because of the complexity of the calculation, QBI cannot calculate automatically; more information is needed to verify you qualify for the deduction. But these are the steps needed to help the program calculate QBI correctly:
You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528
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