Where can apply the President Trump credit for business

laufeliz — Tue, 04 Jun 2019 00:32:59 GMT

On which Section can the Business Apply for President Trump Credit

If you are referring to the new 20% qualified business in...

JulieCo — Tue, 04 Jun 2019 00:33:01 GMT

If you are referring to the new 20% qualified business income deduction (also know as QBI deduction) that was part of the 2018 Tax Reform, this deduction is reported on your personal income tax return and NOT your business tax return. It is reported on line 9 of your 1040 form.

For your business return, the amounts needed to calculate the qualified business income deduction on your personal tax return should be reflected on the K-1 forms in the following boxes with codes in the following ranges:

For Form 1065 K-1 forms, amounts need to be in box 20 with codes within the range of Z to AD or
For 1120S K-1 forms, amounts need to be in box 17 with codes of V, W, X, Y and/or Z.

On your personal return, once the K-1 form with amounts and codes for Box 17 or Box 20 as listed above is completely entered in your personal tax return in TurboTax (meaning you went through all the screens and were brought back to the K-1 summary), then the QBI deduction will be calculated.

Here is more information about the Qualified Business Income deduction:

https://ttlc.intuit.com/replies/7019998

topic Where can apply the President Trump credit for business in Deductions & credits

Where can apply the President Trump credit for business

If you are referring to the new 20% qualified business in...