Do you have this on your k-1?
The "qualified" income for the QBI deduction is reported on your K-1 in Box 20 code "Z to AD" for Section 199A income if it is related to a Form 1065 (Partnership). If related to a Form 1120-S (S-Corp), it will be reported in Box 17 code "V,W,X,Y and/or Z".
yes I entered what was in box 20-Z; but it does not list this value on the 1040 forms line 9..ie it doesn't seem to carry through
It depends. For starters, the QBI calculation is complex, especially if the individual is above the 157,500 thresholds if single, married filing separately, or head of household or 315,000 if Married Filing Joint. If your income is above these threshholds, QBI can be reduced or phased out. But these are the steps needed to help the program calculate QBI correctly:
You may find the following FAQ helpful: https://ttlc.intuit.com/replies/7036528
After you go through the self-employment section in TurboTax, you will be asked about the QBI questions. Type in QBI into the search bar and use the Jump to QBI link. If that does not work, type in sch c and use the Jump to sch c link. Click on Edit next to your business then scroll down to the bottom and click on Details next to Business Summary (QBI), see image.
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?
If your K-1 has Qualified Business Income that makes you qualified for the deduction, you will see an amount in box 17 with code V. You should then also have a "Statement A--QBI Pass-through Entity Reporting" along with your K-1.
When you input your K-1 information into TurboTax, there are a couple follow-up questions and then TurboTax will calculate your allowable deduction.
I’m trying to find the statement on TurboTax to indicate I’m using my aggregated rental real estate properties as QBI. I see that I’m supposed to go to wages and income, elect a K-1 source and scroll to rental real estate. And then enter amounts in box 20. I’m a little confused about what happens after that? I obviously don’t get a K-1 bc I’m not a partner in any venture. If I enter the amounts here, as it going to generate a K-1 and I’m going to pay double the amount from my schedule E and also from this K-1?
I’m trying to find the statement on TurboTax to indicate I’m using my aggregated rental real estate properties as QBI. I see from your answer that I’m supposed to go to wages and income, elect a K-1 source and scroll to rental real estate. And then enter amounts in box 20. I’m a little confused about what happens after that? I obviously don’t get a K-1 bc I’m not a partner in any venture. If I enter the amounts here, as it going to generate a K-1 and I’m going to pay double the amount from my schedule E and also from this K-1?
I’m trying to find the statement on TurboTax to indicate I’m using my aggregated rental real estate properties as QBI. I see that I’m supposed to go to wages and income, elect a K-1 source and scroll to rental real estate. And then enter amounts in box 20. I’m a little confused about what happens after that? I obviously don’t get a K-1 bc I’m not a partner in any venture. If I enter the amounts here, as it going to generate a K-1 and I’m going to pay double the amount from my schedule E and also from this K-1?
In previous years, TT has calculated the WBI for me on form 8995
even though I’m not a trade or business, I’m just an RREE. am I correct that if I say I’m a trade or business, that just applies to the 199A ddn and doesn’t turn me into a trade or business for any other purposes like for my Schedula E?
Since your QBI relates to Rental Properties, you should start with that section of TurboTax, not the Investment section for K-1s.
Your answers in this section should provide the information needed to aggregate and report your rental business for QBI.
I am using turbo tax. I have a $10 QBI deduction but I don't remember entering anything that said QBI. Where would it come from?
The QBI deduction allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.
Business owners and beneficiaries with income from a partnership, S corporation, or trust reported on Schedule K-1 are generally eligible for the QBI deduction.