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Qualified Business Income Deduction not actually being deducted?

I qualify for the Qualified Business Income deduction - however, once I get past the step that says I qualify and shows the amount of the deduction, no amount is deducted from my taxes owed - am I doing something wrong? Or is this portion not ready/functioning yet? 

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1 Reply
JulieCo
New Member

Qualified Business Income Deduction not actually being deducted?

The Qualified Business Income Deduction (QBID) is not a reduction of your tax amount, but a reduction of your taxable income.  To see if you are receiving the QBID on your return, you can preview your 1040 and see if an amount is showing on line 9 of your 1040 form.  The deduction is automatically calculated by TurboTax based upon the self-employment income and expenses entered, along with the answers to the questions related to QBID.

Here are steps to Preview Your 1040 form:

  1. Once in your return, select Tax Tools in the black column on the left hand side of screen. 
  2. Then select Tools
  3. Click on View Tax Summary -- this will give you information as to what is flowing where on your return. 
  4. Plus, from the Tax Summary view, you can select Preview My 1040 in the black column on the left.  This will show you your 1040 form as it currently stands. 
  5. To go back to your return, select Back from the left hand column.
Here is more information regarding the Qualified Business Income Deduction:


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