Does turbotax take into account the qbi deduction for sole proprietors

the new tax law added a provision allowing sole proprietors and similar entities to take a deduction for 20% of their qualified business income. I don't see where the current version of turbotax takes that into account.

DanielV01
Expert Alumni

Get your taxes done using TurboTax

This is a provision for next year.  Thus, you will see the difference on your 2018 tax return next year.  For a review of all of the tax provisions, please see this website (click on link):  Summary of Tax Act Provisions

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

ycbe
New Member

Get your taxes done using TurboTax

I just tried this today - 12/10/18 - and it seems faulty.

Get your taxes done using TurboTax

It wont be fully ready until sometime in January.  Wait for program updates.
dharpaz4
New Member

Get your taxes done using TurboTax

Has it been updated?  And if so, at what point during the filing process should we expect the deduction to be applied?  Thanks!

Get your taxes done using TurboTax

4/14/19 It doesn't seem to work.  Spent 2h with TT support today and they have pushed me onto the Offline version which I now have to make happen at the last minute, but I can't find the download (supposedly for free with small business edition) and I guess no guarantee TT offline will calculate QBI there either.   I think this calls for a class action suit against TT for failing to calculate this deduction, and showing no indication to customers  that it is not working so Most people will not notice that they did not get it.