Look at your Form 1040, Line 13 to see your qualified business income (QBI) deduction amount. If you don't see it there, type in qbi into the search bar and use the Jump to qbi link to be taken to that section. The questions you need to complete for this deduction will be found at the end of the K-1 entry. And you definitely want to claim that credit as it is valuable.
The deduction amount depends on the taxpayer's total taxable income, which includes wages, interest, capital gains (etc.) in addition to income generated by the business. Once the taxable income reaches or exceeds $163,300 ($326,600 if filing jointly), the type of business also comes into play.
At incomes below that level, the deduction is 20% of either taxable income (minus capital gains and dividends) or the QBI, whichever is less. @moncul
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