Can you take the Qualified Business Income Deduction if you are a member of a partnership and receive guaranteed payments?

danielle-51 · ‎January 24, 2023

AliciaP1 · ‎January 24, 2023

Yes, but the guaranteed payments are not considered Qualified Business Income. If your Schedule K-1 issued from the partnership identifies the partnership recorded Qualified Business Income, TurboTax will trigger the deduction from the information entered from the Statement A attached to your Schedule K-1.

Please see What is the Qualified Business Income (QBI) deduction? for more information.

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View solution in original post

AliciaP1 · ‎January 24, 2023

Yes, but the guaranteed payments are not considered Qualified Business Income. If your Schedule K-1 issued from the partnership identifies the partnership recorded Qualified Business Income, TurboTax will trigger the deduction from the information entered from the Statement A attached to your Schedule K-1.

Please see What is the Qualified Business Income (QBI) deduction? for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Can you take the Qualified Business Income Deduction if you are a member of a partnership and receive guaranteed payments?