QBI

[Reliablehood]

I am working on my taxes and it showed that I qualified for QBI but it didn't look like it changed anything on my return. Do I have to deduct the 20% myself from my income and then input what that amount is? How does this deduction work? 

[DawnC]

TurboTax automatically applies the deduction if you qualify for it.  Print or preview your Form 1040 and look on Line #10.    If there is an amount there, you can find Form 8995 (or 8995-A) in your return to see how the amount was calculated.  

If you do not see the deduction, type qbi into the search area and use the Jump to qbi link to be taken to those questions.  

What is the Qualified Business Income Deduction (QBI)?