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Get your taxes done using TurboTax
In TurboTax Premier, I was able to report Qualified Business Income Deduction by following these entries
- At the screen Choose type of activity, click Business box 1. Continue.
- At the screen Did you participate?, click on Yes.
- At the screen Enter income or loss from box 1, enter positive dollar amount. Continue.
- scroll down to Schedule K-1 and click Edit/Add to the right.
- At the screen Check Boxes, click Box 17 info. Continue.
- At the screen Enter Box 17 info, select V-Section 199A information and enter positive dollar amount. Continue.
- At the screen Other Situations, select All of my investment is at risk. Continue.
- At the screen We see you have section 199A income, click The income comes from the S Corporation.
- At the screen We need some information, I clicked Ordinary business income and positive dollar amount.
- W-2 wages and amount.
- UBIA and amount. Continue.
- At the screen Let's check for some uncommon, clicked None of these apply. Continue.
- At the screen We're almost done, clicked No I don't think. Continue.
- At the screen Great news! You get a tax break the screen reported a QBID of 20% of the QBI.
Was able to Review successfully. Your situation may not be the same as above. @PaultheGhost
[Edited 03/03/2021 2:56 PM PST]
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March 3, 2021
2:52 PM