The qualified business income (QBI) will be listed on your K-1 schedule. When you enter your K-1 on your personal tax return, the QBI from your partnership will be combined with other QBI that you may have on your personal tax return and a total QBI will be used to determine your 20% deduction. The deduction can be limited by your income, the nature of your business, self-employment tax deduction, self-employed health insurance deduction or self-employed retirement plan contributions that may be listed on your personal tax return. Also, you may have QBI loss carryovers from previous years than may limit your deduction in the current year. You can look at form 8995 to see how your QBI deduction is calculated.
You can view your form 1040 while working in the online version of TurboTax by following these steps:
While working on your return in the Federal section of TurboTax:
1. Choose the Tax Tools icon on your left menu bar
2. Tools
3. View Tax Summary
4. Choose the Preview my 1040 on your left menu bar
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