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Does Turbotax Deluxe correctly deal with QBI deduction?

For nonemployee compensation on 1099 MISC, can Deluxe correctly and automatically deal with QBI? I did not see any worksheet? Thanks. 

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1 Reply
DavidS127
Expert Alumni

Does Turbotax Deluxe correctly deal with QBI deduction?

Yes, TurboTax Online Deluxe will prepare a Form 8995, which is the form for the Qualified Business Income (QBI) deduction.  But, you don't get the QBI questions until you click Continue at the bottom of the "Your [type of] Business summary screen.

 

Check for your QBI deduction by using TurboTax Online's "Preview my 1040" feature.  Your QBI deduction should be on line 10 of your Form 1040.  To look at your Form 1040 in TurboTax Online: 

  1. Click the drop-down arrow next to Tax Tools (on the left pane)
  2. Click Tools (just under Tax Tools on left pane)
  3. In the pop-up window click View Tax Summary
  4. On the left pane click Preview my 1040 to review the entries on your Form 1040 and the supporting Schedules 1 and 2 (keep scrolling for the schedules).

To return to the TurboTax interview questions, click Back on the left pane

 

Note that if you have expenses to deduct against your 1099-MISC income, you will at some point be required to upgrade to TurboTax Online Self-employed.

 

 

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