Turbo tax is not calculating my QBI deduction and it should be doing that.

[KrisD15]

Is this on your personal tax return? 

What type of business income is it? Schedule C, K-1? 

[Anonymous]

you need to get to the section on schedule C input form/worksheet. there you provide the info for the QBI deduction to be calculated 

please note the for the QBI

schedule C income is reduced by

1/2 the self employment tax

the deduction for self employed health insurance

related retirement plan contributions

[MRP7860]

ITs K-1 income from an LLC

[DavidS127]

Check to make sure your K-1 entry included entry on the screens to enter your Section 199A/QBI information provided with your K-1. These screens are described and show in screenshots later in this post.

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).

You'll need to put the information on each of the K-1 statements into the categories shown in the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens (see two screenshots later in this post). 

Enter the code Z or V or I when you enter the K-1 box 20 or 17 or 14 screen, but you don't need to enter an amount.  Continue on, and you'll find the two screens.  When you check the box next to a category, a place will open up to enter your amounts.  These screens (if applicable to the amount(s) on your statement) must be completed in order for your K-1 QBI information to be correctly input into TurboTax. 

To get back to the K-1 summary screen and find the Schedule K-1 to edit, click the "magnifying glass Search" icon on the top row, enter "k-1" in the search window and press return or enter, and then click on the "Jump to k-1" link to find the K-1 you need to edit.

Here are the "We need some information about your 199A income or loss" and "Let's check for some uncommon adjustments" screens where you enter the information from your K-1:

@MRP7860

[flr]

Personal return  -  K-1  don"t see where I can Input K-1 details.

[flr]

personal return - not able to enter detail from K-1 - this is rental income

[flr]

personal return - rental R E income- line 7 - K-1 from a trust

[Critter-3]

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).   Does your K-1 have a box 14 with a code I ??? 

[flr]

yes it does have a box 14 I*

[Critter-3]

What happens when you enter the K-1 information ... do you not see these screens ? 

[SwampYankee]

The software will not do it automatically and does not work. You need to go to the forms page for schedule C and click on the box that you are qualified for the QBI. Do not listen to ANYONE who says it does it automatically. It has not since the 20% was instituted. Are these people working for the IRS and trying to get you to overpay?

[TaxUser134]

Thank you! Do you think this might work for my case also?

Hello I realize this is old thread but I'm currently using 2019 Turbo Tax Small Business. I'm a sole proprietor self employed contracter and only have income on 1099-MISC form. The software is not calculating my QBI. Is there a certain field I should be filling out for this? I do not have an S Corp or partnership etc for K-1 form.

[SwampYankee]

I am in the same situation, sole proprietor running a DBA, no corporation or LLC.  The QBI is designed for pass-through businesses like mine and presumably yours.  It is up to you to make the legal determination as to whether you qualify for the QBI but right at the top of the Schedule C form (which you should be filling out if you have a business) is a box for you to click to enable the QBI.  

https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-...

 However, I would not be using the 2019 program to fill out my 2020 taxes.  I am not a tax professional and have no idea what has changed between 2019 and 2020 but I do know that tax code can change and I would not risk using an old program.  I do recall when they child tax credits dropped annually and using the old form would have given you too high a tax credit. 

[TaxUser134]

Ok thanks for your help. I will give that a try. I do qualify for the QBI as it was on my previous return, but I didn't use Turbo Tax software that time, so it may be just a bug with their software. I'm going to try checking the box on Schedule C form.