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brianvwilson
New Member

The TurboTax software stated that we qualified for the qualified business deduction of a few thousand dollars but our taxes due didn’t change. Why is that?

 
3 Replies
MaryK1101
Expert Alumni

The TurboTax software stated that we qualified for the qualified business deduction of a few thousand dollars but our taxes due didn’t change. Why is that?

Qualified Business Income is a deduction- if you did not see a change in your tax due, it may be possible that you did not have taxable income.  See Tax Deductions and Credits.

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brianvwilson
New Member

The TurboTax software stated that we qualified for the qualified business deduction of a few thousand dollars but our taxes due didn’t change. Why is that?

But I did have significant taxable income. Still owe over $1000. Now what? I also have 3 other issues and can’t find a good way to get answers/resolution. Can I present them to you and see if you have some explanations.

KrisD15
Expert Alumni

The TurboTax software stated that we qualified for the qualified business deduction of a few thousand dollars but our taxes due didn’t change. Why is that?

To see if you have QBI as a deduction, please look at line 13 of your 1040. 

 

Click   Tax Home

Click   Review   if necessary to get Tax Tools on the left side-bar

Click   Tax Tools   on the left side-bar (you may need to use the scroll bar for the left side-bar to see this)

Click   Tools   on the drop-down list

Click    View Tax Summary   on the Tools Center screen

When you do this,   Preview my 1040   appears on the left side-bar            

Click   Preview my 1040   on the left side-bar

Scroll down and look at line 13 on the 1040 for your “QBI" amount 

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