Yes, TurboTax Business is updated as it pertains to QBI and an SCorp return. (It always is a good idea, though, to regularly update the software so that you have the latest version.) But, note that the QBI deduction is not applied on your business return. It will be reflected on your personal tax return. Therefore, you will not see the QBI deduction in TurboTax Business on the 1120S form or the K-1 forms.
What you should see, though, is that the K-1 form for your 1120S form include values and codes from Box 17 (with code values V, W, X, Y, or Z) to be input into your personal return, as that is where the QBI deduction will be calculated.
The QBI deduction can only be calculated on your personal return because the calculation has several variables, plus two income threshold levels, and these two income threshold levels in the calculation are based upon your personal total taxable income and not your qualified business income. Also note that it is uncommon that the QBI deduction will be based on 20% or your qualified business income reported on your K-1 (plus it is not 20% of your gross receipts). As mentioned above, there are several variables in the calculation, but for personal total taxable income under the first threshold, the QBI deduction will be either 20% of QBI (less self employment taxes, self employed health insurance and/or self employed retirement contributions) OR 20% of your personal taxable income less capital gains and dividends, whichever is LESS.
Therefore, when you enter your K-1 information into your personal tax return in TurboTax, you will see the QBI deduction calculated (as long as the K-1 has amounts in Box 17 with codes of one or more of V, W, X, Y, & Z) and reflected on line 9 of your 1040 form.
Here is more information on the QBI deduction, including a high level example of how the calculation is made.
https://ttlc.intuit.com/replies/7019998
