I don't see any updated answers to the 20% qualified business deduction. Is this now updated in TT? I don't see it in my calculations so far.

[JulieCo · Accepted solution]

Yes, TurboTax will calculate the QBI deduction behind the scenes and it will be reported on line 9 of your 1040 form.  Therefore, you will need to enter your business income and expenses (if your business is a schedule C) or your K-1 form(s) and once you get through the entry of the activity and depending upon the type of business entity activity, you may be brought through a couple questions related to the qualified business income deduction.  Once you complete the section, then TurboTax will calculate the deduction. 

In order for K-1 activity to be included in the QBI deduction calculation, the K-1 form needs to have an amount(s) in certain boxes: 

• 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. 
  

Please note that not all rental income qualifies for the QBI, see more information in this link below:

https://ttlc.intuit.com/replies/7122193

Here is more information on the Qualified Business Income Deduction, including examples of how the deduction is calculated in the different taxable income threshold levels:

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