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billyjohn
New Member

If I received 10099-NEC how do i take the QBID in turbotax?

 
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3 Replies
ThomasM125
Expert Alumni

If I received 10099-NEC how do i take the QBID in turbotax?

You just need to indicate that the income you earned is qualified business income (QBI). You will be asked that after you enter your form 1099-NEC and any other business income in TurboTax.

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billyjohn
New Member

If I received 10099-NEC how do i take the QBID in turbotax?

It takes you to a spot to itemize expenses I was looking to apply QBID - 20% vs itemizing expenses and that is what I can’t find 

GeorgeM777
Expert Alumni

If I received 10099-NEC how do i take the QBID in turbotax?

To access the screen that relates to the Qualified Business Income Deduction (QBID), you need to enter business income, such as income from self-employment.  If your 1099-NEC relates to self-employment, then enter the 1099-NEC in the section Self-Employment under Your income and expenses (TurboTax online).

 

After entering your income and expenses associated with your self-employment, continue through the application.  After entering your expenses, you should see the screen, How much of your [work] took place within the United States?   To qualify for the QBID, your income must be earned in the U.S. There will be some more screens, all of which ask questions designed to determine your eligibility for the QBID.  

 

Assuming your answers qualify you for the QBID, it will be entered on your return.  If you are using TurboTax online, you can view your QBID in the Tax Summary.  To access your Tax Summary, follow these steps:

 

  1. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  2. With the Tax Tools menu open,
  3. Select Tools.
  4. Next, select View Tax Summary in the pop-up.
  5. The QBID amount will be listed on your Tax Summary.
  6. To get back to the step-by-step instructions, just click Back in the left margin.

 

@billyjohn

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