I did search on this, but I am filing my 2022 taxes (married filing jointly)and I got the "congratulations notice" that my wife qualifies for the qualified business income deduction. It flashed an amount but I didn't see it deduct anything from the total owed and I can't find where it appears . Is there somewhere to plug it in or to check that it actually applied? I am using the self employed version.
Thank you
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The qualified business income (QBI) deduction would appear on line 13 of your form 1040. You can see how it is calculated by looking at form 8995. You can see form 1040 while working in the online version of TurboTax by folllowing these steps:
It is up to a 20% of business income deduction, but it can vary because of numerous factors, including QBI loss carryovers from previous years, personal income limitations, self-employed retirement plan contributions, etc...
The qualified business income (QBI) deduction would appear on line 13 of your form 1040. You can see how it is calculated by looking at form 8995. You can see form 1040 while working in the online version of TurboTax by folllowing these steps:
It is up to a 20% of business income deduction, but it can vary because of numerous factors, including QBI loss carryovers from previous years, personal income limitations, self-employed retirement plan contributions, etc...
Thanks so much. I found it!!
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