I am using Turbotax Business. I have an LLC S-corp single person. I keep updating Turbotax as the updates come out.
The QBI is not calculating. Is it working yet?
I've been on the phone with several of Turbotax's people over the last 1 1/2 months. All they have told me is what I've looked up. Can anyone tell me if it is what I've input or if it is truly not working yet?
It is getting down to the wire here. Business taxes need to be filed in 3 weeks!
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The QBI deduction is working in TurboTax, but note that the deduction will not be reflected on your SCorp return as it is an individual income tax deduction that will be reported on line 9 of your 1040 form. Therefore, when your K-1 form is created in TurboTax Business, the amounts needed to be incorporated into the QBI deduction calculation should be reported in Box 17 with codes V, W, X, Y and/or Z. These are the codes for the Section 199A deduction (also known as the QBI deduction.) See screenshot of the K-1 Box 17 codes attached. Then, when your K-1 form is completely entered into TurboTax on your personal return, you should see the QBI deduction calculated.
The QBI deduction has many parts, plus different calculations based upon different thresholds of your personal taxable income. If your personal taxable income is under the thresholds of $157,000 single and $315,000 joint, then it will be EITHER 20% of your QBI income (less any applicable self employment tax, self employed health insurance or self employed retirement payments) OR 20% of your taxable income, whichever is LESS.
Here is more information of the QBI deduction:
https://ttlc.intuit.com/replies/7019998
The QBI deduction is working in TurboTax, but note that the deduction will not be reflected on your SCorp return as it is an individual income tax deduction that will be reported on line 9 of your 1040 form. Therefore, when your K-1 form is created in TurboTax Business, the amounts needed to be incorporated into the QBI deduction calculation should be reported in Box 17 with codes V, W, X, Y and/or Z. These are the codes for the Section 199A deduction (also known as the QBI deduction.) See screenshot of the K-1 Box 17 codes attached. Then, when your K-1 form is completely entered into TurboTax on your personal return, you should see the QBI deduction calculated.
The QBI deduction has many parts, plus different calculations based upon different thresholds of your personal taxable income. If your personal taxable income is under the thresholds of $157,000 single and $315,000 joint, then it will be EITHER 20% of your QBI income (less any applicable self employment tax, self employed health insurance or self employed retirement payments) OR 20% of your taxable income, whichever is LESS.
Here is more information of the QBI deduction:
https://ttlc.intuit.com/replies/7019998
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