More information may help resolve your Qualified Business Income (QBI) issue. For example, what is the source of your QBI (self-employed reported on Schedule C; a Schedule K-1 from a partnership, S Corp, or trust; rental income reported on Schedule E, or a Section 199A dividend reported in box 5 of Form 1099-DIV)?
You can check your Form 1040 for the QBI decuction; it shows up as a subtraction on Line 10 of Form 1040. Check Line 10 on your Form 1040 in TurboTax Online using these steps:
1. Click the dropdown arrow next to Tax Tools (on the left pane)
2. Click Tools (just below Tax Tools on left pane)
3. In the pop-up window click View Tax Summary
4. On the left pane click Preview my 1040
Check your Form 1040, Line 10 for the QBI deduction calculated by TurboTax.
To return to the TurboTax interview questions, click "Back" on the left pane.
Whatever the source of your QBI, there are certain questions you must answer in the TurboTax interview for your QBI to calculate correctly.
If your QBI is from a Schedule K-1:
Check to make sure your K-1 entry included entry of your Section 199A amounts from the Statement or STMT that came with your K-1 on the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens.
For a partnership Form 1065 Schedule K-1, the Section 199A Statement/STMT entry starts with entering the code Z for box 20.
For an S-corp Form 1120S Schedule K-1,the Section 199A Statement/STMT entry starts with entering the code V for box 17.
Form a trust Form 1041 Schedule K-1, the Section 199A Statement/STMT entry starts with entering the code I (India) for box 14.
Enter the code Z or V or I when you enter the K-1 box 20 or 17 or 14 screen, but you don't need to enter an amount. Continue on, and you'll find the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens. When you check the box next to a category, a place will open up to enter your amounts. These screens (if applicable to the amount(s) on your statement) must be completed in order for your K-1 QBI information to be correctly input into TurboTax.
To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.
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