You can click here to jump directly to the QBI deduction which is automatically calculated in TurboTax Online. If you are Ctrl+F searching for QBI in the PDF copy of your tax return, note that you are looking for Form 8995.
If you're still not qualifying, also note that there are some exclusions to QBI; you should check that your income does not fall into one of these categories. From the Turbotax knowledge article, "What's the Qualified Business Income (QBI) deduction?":
- Income generated outside the United States
- Investment income
- W-2 compensation paid to an S corporation owner
- Guaranteed payments to a partner
- Income from REITs, publicly traded partnerships, and qualified cooperatives (these entities may qualify for a 20% deduction under a different set of rules, the explanation of which is beyond the scope of this article)
Additionally,
Some types of service businesses (SSTBs) are disqualified once the taxable income on the return exceeds $247,300 ($494,600 if filing jointly). At higher income levels, the deduction for SSTBs is reduced and in some cases, eliminated.
For the purposes of the QBI deduction, an SSTB is defined as any trade or business that performs services in the fields of:
- Accounting
- Actuarial science
- Athletics
- Consulting
- Health
- Law
- Performing arts
- Financial services
- Brokerage services (including investment management and investing, trading, or dealing in securities, commodities, or partnership interests)
See also: IRS - Qualified business income deduction
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