On which Section can the Business Apply for President Trump Credit
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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:
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:
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