Where do I see this in TT online 2018? "New 20% Qualified Business Income (QBI) Deduction for Pass-through Entities"

[wmartin]

<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf">https://www.irs.gov/pub/irs-pdf/i1120ssk.pdf</a>   Min... is for a s corp k-1

[11008windchime]

form for QBI rental income and form for 1099S pass through sub s corp   

[ambychelle]

Not box 17 on k-1, that has nothing to do with it. Box 20, code z, enter QBI and it will propagate the 20% to line  9 on 1040. Shame on TT for not having better instructions.

[rlp2451]

The discussion went awry.  One responder was referring to the partnership/corp K-1 (Form 1120) not the Partner K-1 (Form 1065).

I completed my taxes (first round anyway) over the weekend.  TTax handled the 199A entries just fine.

[carstenjordan]

Using TT Home and Business Desktop, latest version. QBI deduction for S-Corp is not entered, even though we are under the income threshold. Forms are not editable. When is this functionality being implemented? Please update.

[xd22637]

Using TT Home and Business Desktop, latest version. QBI deduction for S-Corp is not entered, even though we are under the income threshold. Forms are not editable. When is this functionality being implemented?

[JanetW]

where to enter 199a

[dbarish]

There is no option to select Box 20 when adding the K-1, so how the heck do you add your section 199A deduction amount? Come on TT, it is April 6!!!

[xd22637]

As far as I can tell TT doesn't  read these post. YOU HAVE TO CALL AND COMPLAIN IF YOU WANT IT FIXED.

[rlp2451]

TTax does read the posts but I don't know how often.
To the original poster I would suggest doing a search for "K-1 Box 20" and reading the questions and answers there.

[dbarish]

Here is the answer for everyone, after spending an hour on the phone with support and being incorrectly told I need to upgrade to Premier  version for this feature:

Schedule C businesses - when adding your schedule K1 to TT, select box 20, then continue, then select code Z and enter your qualified business income (not the deduction amount). then it will automatically calculate for you.

S Corp businesses, select Box 17 and choose letter V and follow same as above.

it was very simple once you knew what look for. unfortunately TT does not automatically ask you to check for this potential deduction and that is a flaw in the program.

[dbarish]

Here is the answer for everyone, after spending an hour on the phone with support and being incorrectly told I need to upgrade to Premier  version for this feature:

Schedule C businesses - when adding your schedule K1 to TT, select box 20, then continue, then select code Z and enter your qualified business income (not the deduction amount). then it will automatically calculate for you.

S Corp businesses, select Box 17 and choose letter V and follow same as above.

it was very simple once you knew what look for. unfortunately TT does not automatically ask you to check for this potential deduction and that is a flaw in the program.

[Anonymous]

A 20% QBI is not limited to income reported on schedule C   and even some Schedule C filers might not get the deduction because they are a specified service trade or business.    and  the taxpayers taxable income is too high  (the computation is complicated).       then again "qualified REIT dividends" (QRD) qualify  but it's not what one would think 

for 199A QRD is

any dividend from a real estate investment trust received during the taxable year which—

(A) is not a capital gaindividend, as defined in section 857(b)(3), and

(B) is not qualified dividend income, as defined in section 1(h)(11).

also Qualified income from a Publicly Traded Partnership qualifies and it also has a strange definition

and then there's the issue of whether net rental income from real estate would qualify.  

[Anonymous]

forms still not finalized as of today.

[cleverlyengaged]

Thanks for the update