Investors & landlords
TurboTax asks the questions that are required to determine if your qualified business income deduction (QBID) is allowed. If the company who issued the 1065-K1 cannot answer some of the questions or if they do not provide you with the detail to answer the questions, they are not providing what the IRS requires. I have placed a screen image below to show the routine questions that must be answered to arrive at your deduction.
Check with the company again if statements were not provided to you for your K1s. They are required to provide the answers to the questions.
- IRS Qualified Business Income Deduction (Check out the FAQs at the bottom of the page as well.)
[Edited: 03/21/2022 | 9:48p PST]
