We own an S-corp. Last year we got the 20% QBI deduction but this year it is not calculating. Very little has changed from last year to this year. Our income is well below the qualifying amount. Why is Turbotax not calculating it?
When you enter a Schedule K-1 form you received from a business with QBI, make sure you have entered all the information on the Statement or STMT that came with the K-1 you received. That Statement or STMT will be associated with box 17 code V, and should be designated as "Section 199A" information.
To enter your box 17 code V information properly, Continue through the K-1 interview after you have entered your code V for box 17. You don't actually have to enter an amount on that box 17 screen, it doesn't "feed" any calculation. There is a screen near the end of the interview titled "We need some more information about your 199A income or loss". This screen must be completed in order for your box 17 code V information to be correctly input into TurboTax.
Qualified Business Income Deduction