Is QBID available to K-1 holders? Does not show up in deluxe version

jewapo · ‎June 3, 2019

Section 199A Qualified Business Income Deduction

JulieCo · ‎June 3, 2019

It depends. If your K-1 income is eligible to have the QBID calculated, there needs to be an amount(s) in box 17 with one or more codes in the range V to Z (1120S K-1) or box 20 with codes within the range of Z to AC (1065 K-1). Once those amounts are entered along with your complete K-1 information in TurboTax (you need to get through all the screens related to the K-1 form), the QBID will be calculated (although there are exceptions for Specialized Service trade or businesses).

The QBID will be reported on line 9 of your 1040 form. You can view your 1040 form using Forms mode in the TurboTax windows version.

Also, note that the QBID is not necessarily a straight 20% of your business profit as there are several variables, along with three taxable income thresholds, in the calculation. Here is more information:

https://ttlc.intuit.com/replies/7019998

View solution in original post

JulieCo · ‎June 3, 2019

It depends. If your K-1 income is eligible to have the QBID calculated, there needs to be an amount(s) in box 17 with one or more codes in the range V to Z (1120S K-1) or box 20 with codes within the range of Z to AC (1065 K-1). Once those amounts are entered along with your complete K-1 information in TurboTax (you need to get through all the screens related to the K-1 form), the QBID will be calculated (although there are exceptions for Specialized Service trade or businesses).

The QBID will be reported on line 9 of your 1040 form. You can view your 1040 form using Forms mode in the TurboTax windows version.

Also, note that the QBID is not necessarily a straight 20% of your business profit as there are several variables, along with three taxable income thresholds, in the calculation. Here is more information:

https://ttlc.intuit.com/replies/7019998