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Business & farm
To get the Qualified Business Income deduction to calculate in TurboTax you will need to enter the information from the statement. Here are the QBI-related codes that get entered into TurboTax Box 17. Check with the accountant if the breakdown on your statement is not clear. You do not need all of these codes, but these amounts and codes are used for the QBI (Section 199A) deduction.
- V Section 199A income
- W Section 199A W-2 wages
- X Section 199A unadjusted basis
- Y Section 199A REIT dividends
- Z Section 199A PTP income
https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf - 1120S K-1 instructions.
‎June 1, 2019
12:29 PM
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