Re: Qualified business income deduction
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New Member

Qualified business income deduction

I have an S-Corporation and have filed my 2019 tax return for the business.  I am now working on my personal tax return for 2019.  Last year, the Qualified business income deduction automatically was calculated on my personal tax return, but it's not appearing for 2019.  My income was almost same as for 2018.  How can I get this deduction to flow into my personal tax return?

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Level 15

Qualified business income deduction

yes there is a section on the TT 1040 k-1 (towards the bottom) to enter the QBI info which should come from box 17 on the S-Corp k-1codes V  or maybe a supplemental schedule. if there's no info for it, you didn't do the S-Corp return correctly.    

Expert Alumni

Qualified business income deduction

The entry described by Community user HACKITOFF is accomplished in the interview screens as follows:

 

For the Section 199A information associated with box 17 code V, enter the code V when you enter the K-1 box 17 screen, but you don't need to enter an amount.  Any amount you enter there doesn't get picked up in the QBI deduction calculation.

 

Instead, Continue on, and the third screen after that box 17 screen is "We need some more information about your 199A income or loss" screen.  This screen must be completed with the numbers from your Section 199A Statement or STMT.   When you check the box next to a category on that screen, a place will open up to enter the amounts from the Statement or STMT that came with your K-1.  The applicable category (or categories) on this screen (and the following "Let's check for some uncommon adjustments" screen, if applicable) must be completed in order for your K-1 QBI information to be correctly input into TurboTax for the federal tax return.

 

Note that any Unadjusted Basis of Assets amount goes on the "....has UBIA of qualified property" line.

 

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

 

Here are screenshots of the two screens to enter your Section 199A Statement/STMT information:

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