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Level 2
March 15, 2020
Question

QBI

  • March 15, 2020
  • 3 replies
  • 23 views

My income is well under the QBI maximum of $315K.  The majority of my income comes from K-1 earnings, but TurboTax is not computing the QBI deduction for me.  I'm filing as married filing joint.  How do I get this deduction to show up?

    3 replies

    DavidS127
    Level 13
    March 16, 2020

    Check to make sure your K-1 entry included entry on the screens to enter your Section 199A/QBI information provided with your K-1. These screens are described and show in screenshots later in this post.

     

    For a partnership Form 1065 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 20 with a code Z.

     

    For an S-corp Form 1120S Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 17 with a code V.

     

    Form a trust Form 1041 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 14 with a code of I (as in India).

     

    You'll need to put the information on each of the K-1 statements into the categories shown in the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens (see two screenshots later in this post). 

     

    Enter the code Z or V or I when you enter the K-1 box 20 or 17 or 14 screen, but you don't need to enter an amount.  Continue on, and you'll find the two screens.  When you check the box next to a category, a place will open up to enter your amounts.  These screens (if applicable to the amount(s) on your statement) must be completed in order for your K-1 QBI information to be correctly input into TurboTax. 

     

    To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

     

    Here are the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your K-1:

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    Level 2
    March 31, 2020

    I have a similar situation but my K-1 income is well below the $160,700 number.  How do I use the QBI?  I will await your response.  Thank you!

    MaryK4
    Level 15
    April 1, 2020

    As DavidS127 said in the previous response, if you have the QBI code you must continue to the page that has the breakdown for income/loss and other QBI factors which should be on your K-1 statement.

    @dennisgolfer

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