Qualified Business Income Deduction

[alexander465]

I'm having trouble finding out how to get line 9 filled on the 1040 (QBI). I was able to manually enter it when I used Premier 2018 but I don't remember how I did it exactly. 

Can someone please help me figure this out? I cannot seem to do it manually in the forms option and I cannot find it anywhere in the step-by-step option either.

I have 2019 Home & Business download version.  

Thanks. 

[MaryK4]

For 2019 the IRS is requiring the Qualified Business Income Deduction on a Form 8995 or 8995-A (which are the old worksheets)- which is why you cannot manually enter this year.  Unfortunately, the IRS has not finalized the forms but they are expected February 5, 2020.  See IRS forms availability table for TurboTax individu ...

[C Wong]

Is there a problem with your software Premier version?  I see the QBI deduction in Form 8995A.  However, the QBI figure and the W2 info are not transferred to the QBI Component Worksheet.  Hence it's not giving me the QBI deduction.  When I override it, it keeps telling to cancel override during Review.  I was able to deduct it last year and it flowed well.  Not this year.  Please help!

[DavidS127]

I'm providing the instructions for entering QBI information reported to you on a K-1, below.  But, if that doesn't apply or you have already entered your K-1 correctly, please provide more information about what you see on Form 8995-A versus the QBI Component worksheet.  For example, there are limitations on QBI related to your total income if your QBI source is an SSTB (specified services trade or business).

Also, recent updates have resolved many QBI issues.  If you are using the TurboTax Premier Download/CD version, use the menu at the top to check for updates (Online>>Check for Updates).  TurboTax Online will be updated each time you sign in.

If the source of your QBI income is a K-1, you will have a "box" for your QBI information, provided on a separate statement ("STMT").  If so, there are additional TurboTax screens after the "box" screen where the code is entered.  You must enter your box code information on one or more of the applicable screens for the QBI information to "flow" to your QBI Component worksheet.  So, after you enter the code, Continue on to find the screens to enter the information.

The screens you need are shown in these screenshots:

For a partnership Form 1065 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 20 with a code Z.

For an S-corp Form 1120S Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 17 with a code V.

Form a trust Form 1041 Schedule K-1, the Schedule A QBI information is entered into TurboTax as box 14 with a code of I (as in India