Where do I see this in TT online 2018? "New 20% Qualified Business Income (QBI) Deduction for Pass-through Entities"

[kristie]

Wow!  My clients are going to be screaming.

[kristie]

But, it's the IRS not us.  The software companies are updating as soon as the IRS approves.

[kalispell9]

I am using TT Home and Business 2018. Per my earlier comment, I was able to fill out the forms from my estimated 1099s and expected Business Expenses on TT and have the QBI appear on Line 9 and on supplementary forms. I still need to receive all the final Tax forms but the my estimated income was effectively used in all the calculations after downloading a recent update and working through all the relevant "Continue" requests.

[diabolicsavior]

It is available elsewhere. TaxAct had fully functioning section 199a deduction within days of the new regulations being released. It is working and calculating correctly. The only reason I am not efiling with TaxAct is because all my person tax data for over 10 years is in Turbo tax.... This includes capital loss carryovers etc. Apparently, Turbotax works for some people using "Home and Business" for a schedule-C. But Home and Business does not apply to me because I am not self-employed and do not file a schedule C. My QBI comes from a Schedule-K, which is filed in the Premier version of Turbotax.

[lstaiger]

This should come up on the federal review and alert Schedule C filers to wait for the update to file.  For most people who may not be aware of this new law, they are missing out if they file when TT is not updated properly

[wmartin]

The QBI for my schedule C showed up on line 9, but the QBI for my K-1's from schedule E do show up in the total  

[corepuncher]

I am new to this, but It appears Turbo Tax taxed my full amount in Box 1 of my K-1 form.  I thought we were supposed to lop off the first 20%?  What am I doing wrong please help thanks! Also, Turbo Tax says the K-1 is not ready yet to be filed, so HOPEFULLY they will figure something out?

[rlp2451]

It's not the amountin Box 1, it's the amount in Box 20, Code AD that will show the qualified publicly traded partnership (PTP) income.  Be sure you report every amount on every line from the K-1.

[corepuncher]

Thanks rlp2451.  I see box 20 on the K-1 form, but am having trouble finding instructions on what to put in there.  FYI, I am the person who fills out me and my partners K-1 form, so...lol....I've always just filled out Box1 basically.  Is there a form I use to know what to put in box 20?  

[rlp2451]

I thought you were talking about an MLP.  There are different codes for different types of investments.

Here is a link to the IRS instrucions:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf">https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf</a>

Page 15 is where the instructions for Box 20 starts.

[wmartin]

I did some research . On your 2018 k-1 forms you should have a V or W on line 17.    When TT ask you about any codes and amounts on that line fill it in.   Since I don’t have my 2018 K-1 ‘s yet, I just used any $$$ and it worked.  

[rlp2451]

I only see Codes A-F for Box 17.   Where did you see additional ones?

[wmartin]

Go to the IRS web site and look up 2018 K-1 forms   . It list all the boxes and codes . 2018 K-1 is different then the 2017's .I checked another tax software site this was explained how to make sure you get your 20% pass through deduction for K-1 partnerships and s corps.. I'm not an expert on this ,but I tried it on TT and it worked .  

[rlp2451]

Here is the 2018 form.   Where does it show Code V or W for Box 17?  Why would it have anything to do with the AMT?

<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf">https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf</a>

[wmartin]

<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf">https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf</a>