topic Qualified business income deduction in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/qualified-business-income-deduction/01/1671248#M159463 <P>I have an S-Corporation and have filed my 2019 tax return for the business.&nbsp; I am now working on my personal tax return for 2019.&nbsp; Last year, the Qualified business income deduction automatically was calculated on my personal tax return, but it's not appearing for 2019.&nbsp; My income was almost same as for 2018.&nbsp; How can I get this deduction to flow into my personal tax return?</P> Sun, 12 Jul 2020 02:37:24 GMT Klawrence 2020-07-12T02:37:24Z Qualified business income deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/qualified-business-income-deduction/01/1671248#M159463 <P>I have an S-Corporation and have filed my 2019 tax return for the business.&nbsp; I am now working on my personal tax return for 2019.&nbsp; Last year, the Qualified business income deduction automatically was calculated on my personal tax return, but it's not appearing for 2019.&nbsp; My income was almost same as for 2018.&nbsp; How can I get this deduction to flow into my personal tax return?</P> Sun, 12 Jul 2020 02:37:24 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/qualified-business-income-deduction/01/1671248#M159463 Klawrence 2020-07-12T02:37:24Z Re: Qualified business income deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-qualified-business-income-deduction/01/1671463#M159490 <P>yes there is a section on the TT 1040 k-1 (towards the bottom) to enter the QBI info which should come from box 17 on the S-Corp k-1codes V&nbsp; or maybe a supplemental schedule. if there's no info for it, you didn't do the S-Corp return correctly.&nbsp; &nbsp;&nbsp;</P> Sun, 12 Jul 2020 05:41:33 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-qualified-business-income-deduction/01/1671463#M159490 HACKITOFF 2020-07-12T05:41:33Z Re: Qualified business income deduction https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-qualified-business-income-deduction/01/1672120#M159543 <P>The entry described by Community user HACKITOFF is accomplished in the interview screens as follows:</P> <P>&nbsp;</P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">For the Section 199A information associated with box 17 code V, enter the code V when you enter the K-1 box 17 screen,&nbsp;<EM>but you don't need to enter an amount</EM>.&nbsp; Any amount you enter&nbsp;<EM>there&nbsp;</EM>doesn't get picked up in the QBI deduction calculation.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:9.75pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">&nbsp;</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">Instead,&nbsp;<STRONG>Continue</STRONG>&nbsp;on, and the third screen after that box 17 screen is&nbsp;"W<STRONG>e need some more information about your 199A income or loss</STRONG>" screen.&nbsp; This screen&nbsp;must be completed with the numbers from your Section 199A Statement or STMT.&nbsp;&nbsp;&nbsp;When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1.&nbsp;&nbsp;The applicable category (or categories) on this screen (and the following "<STRONG>Let's check for some&nbsp;uncommon adjustments</STRONG>" screen,&nbsp;<EM>if applicable</EM>)&nbsp;must be completed&nbsp;in order for your K-1 QBI&nbsp;information to be correctly input into TurboTax for the federal tax return.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:9.75pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">&nbsp;</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">Note that any Unadjusted Basis of Assets amount goes on the "....has UBIA of qualified property"&nbsp;line.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:9.75pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">&nbsp;</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">To get back to the K-1 summary screen and find the Schedule K-1 to edit, click&nbsp;the "magnifying glass&nbsp;<STRONG>Search</STRONG>" icon on the top row, enter "<STRONG>k-1</STRONG>" in the search window and press return or enter, and then click on the "<STRONG>Jump to k-1</STRONG>" link to find the K-1 you need to edit.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">&nbsp;</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">Here are screenshots of the two screens to enter your Section 199A Statement/STMT information:</SPAN></SPAN></SPAN></P> <P><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/1d6cf8c5-196a-4bbb-b33d-8ec03769d85a.default.png" /></P> <P><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/9865ede6-e41d-4467-be3b-7a7fb3483c12.default.png" /></P> Sun, 12 Jul 2020 16:58:23 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-qualified-business-income-deduction/01/1672120#M159543 DavidS127 2020-07-12T16:58:23Z
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topic Qualified business income deduction in Deductions & credits
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/qualified-business-income-deduction/01/1671248#M159463
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<P>I have an S-Corporation and have filed my 2019 tax return for the business.&nbsp; I am now working on my personal tax return for 2019.&nbsp; Last year, the Qualified business income deduction automatically was calculated on my personal tax return, but it's not appearing for 2019.&nbsp; My income was almost same as for 2018.&nbsp; How can I get this deduction to flow into my personal tax return?</P>
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<dc:creator>Klawrence</dc:creator>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/qualified-business-income-deduction/01/1671248#M159463
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<P>I have an S-Corporation and have filed my 2019 tax return for the business.&nbsp; I am now working on my personal tax return for 2019.&nbsp; Last year, the Qualified business income deduction automatically was calculated on my personal tax return, but it's not appearing for 2019.&nbsp; My income was almost same as for 2018.&nbsp; How can I get this deduction to flow into my personal tax return?</P>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-qualified-business-income-deduction/01/1671463#M159490
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<P>yes there is a section on the TT 1040 k-1 (towards the bottom) to enter the QBI info which should come from box 17 on the S-Corp k-1codes V&nbsp; or maybe a supplemental schedule. if there's no info for it, you didn't do the S-Corp return correctly.&nbsp; &nbsp;&nbsp;</P>
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<pubDate>Sun, 12 Jul 2020 05:41:33 GMT</pubDate>
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<dc:creator>HACKITOFF</dc:creator>
<dc:date>2020-07-12T05:41:33Z</dc:date>
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<title>Re: Qualified business income deduction</title>
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https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-qualified-business-income-deduction/01/1672120#M159543
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<P>The entry described by Community user HACKITOFF is accomplished in the interview screens as follows:</P> <P>&nbsp;</P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">For the Section 199A information associated with box 17 code V, enter the code V when you enter the K-1 box 17 screen,&nbsp;<EM>but you don't need to enter an amount</EM>.&nbsp; Any amount you enter&nbsp;<EM>there&nbsp;</EM>doesn't get picked up in the QBI deduction calculation.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:9.75pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">&nbsp;</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">Instead,&nbsp;<STRONG>Continue</STRONG>&nbsp;on, and the third screen after that box 17 screen is&nbsp;"W<STRONG>e need some more information about your 199A income or loss</STRONG>" screen.&nbsp; This screen&nbsp;must be completed with the numbers from your Section 199A Statement or STMT.&nbsp;&nbsp;&nbsp;When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1.&nbsp;&nbsp;The applicable category (or categories) on this screen (and the following "<STRONG>Let's check for some&nbsp;uncommon adjustments</STRONG>" screen,&nbsp;<EM>if applicable</EM>)&nbsp;must be completed&nbsp;in order for your K-1 QBI&nbsp;information to be correctly input into TurboTax for the federal tax return.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:9.75pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">&nbsp;</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">Note that any Unadjusted Basis of Assets amount goes on the "....has UBIA of qualified property"&nbsp;line.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:9.75pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">&nbsp;</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">To get back to the K-1 summary screen and find the Schedule K-1 to edit, click&nbsp;the "magnifying glass&nbsp;<STRONG>Search</STRONG>" icon on the top row, enter "<STRONG>k-1</STRONG>" in the search window and press return or enter, and then click on the "<STRONG>Jump to k-1</STRONG>" link to find the K-1 you need to edit.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">&nbsp;</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:10.5pt"><SPAN style="font-family:Arial"><SPAN style="color:#2d3338">Here are screenshots of the two screens to enter your Section 199A Statement/STMT information:</SPAN></SPAN></SPAN></P> <P><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/1d6cf8c5-196a-4bbb-b33d-8ec03769d85a.default.png" /></P> <P><IMG src="https://lithium-response-prod.s3.us-west-2.amazonaws.com/turbotax.response.lithium.com/RESPONSEIMAGE/9865ede6-e41d-4467-be3b-7a7fb3483c12.default.png" /></P>
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<dc:date>2020-07-12T16:58:23Z</dc:date>
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