JulieCo
New Member

Get your taxes done using TurboTax

The 199A Qualified Business Income (QBI) deduction calculation should be working, but note that it is done behind the scenes as there are many variables, plus three taxable income level thresholds, in the calculation.  Therefore, if your K-1 (1065) form has an amount in box 20 with a code of one or more of Z to AC,  those are the amount(s) that are needed for the QBI deduction calculation.  This deduction will be calculated once all of your K-1 information is entered, meaning you must get entirely through the K-1 section for the calculation to trigger (as long as there are amounts in box 20 with the codes listed). 

The 199A QBI deduction is reported on line 9 of your 1040 form.  In TurboTax Home & Business, you can change to FORMS mode to see your 1040 form, plus the supplemental schedules that will show the 199A QBI deduction calculation. 

Also, please note that at taxable income under the the lowest threshold level (under the threshold of personal taxable income of $157,000 single and $315,000 joint), the QBI is calculated as EITHER 20% of your qualified business income (which is self employed business profit less self employment taxes, self employed health insurance and/or self employed retirement, etc) OR 20% of your personal taxable income less capital gains/dividends, whichever is LESS.

Here is more information on the 199A QBI deduction:

https://ttlc.intuit.com/replies/7019998

Here are steps to switch to FORMS mode:

https://ttlc.intuit.com/replies/3339205


See the Box 20 codes for the 199A deduction for the 1065 K-1 in the attached screenshot below:

[Edited 2-19-19|4:11pm]