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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:
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:
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