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Get your taxes done using TurboTax
The Qualified Business Income Deduction is a computation that you have to calculate outside of TurboTax in order to enter these amounts.
Below is the formula:
The deduction is either A or B, whichever is less:
- A = 50% of the business's W-2 wages paid (or 25% of the W-2 wages paid plus 2.5% of the business's unadjusted basis in all qualified property), whichever one is the greater amount
- B = 20% of QBI
The return requires you to enter these deductions in the periods as illustrated in your screenshot.
You will also need to review the guidance in the link below for a better understanding:
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‎February 27, 2023
6:24 AM