How do I claim the Qualified Business Income Deduction as a Schedule K-1 Recipient?
The Qualified Business Income (QBI) deduction, created by the 2017 Tax Cuts and Jobs Act, allows non-corporate taxpayers to deduct up to 20% of their qualified business income. Business owners and beneficiaries with income from a partnership, S Corporation, or trust reported on Schedule K-1 are generally eligible for the QBI deduction. TurboTax will automatically make the QBI deduction calculation for you based on your Schedule K-1 entries. The link above details different types of TurboTax entries.
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