I qualify for the Qualified Business Income deduction - however, once I get past the step that says I qualify and shows the amount of the deduction, no amount is deducted from my taxes owed - am I doing something wrong? Or is this portion not ready/functioning yet?
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The Qualified Business Income Deduction (QBID) is not a reduction of your tax amount, but a reduction of your taxable income. To see if you are receiving the QBID on your return, you can preview your 1040 and see if an amount is showing on line 9 of your 1040 form. The deduction is automatically calculated by TurboTax based upon the self-employment income and expenses entered, along with the answers to the questions related to QBID.
Here are steps to Preview Your 1040 form:
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