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:
- Once in your return, select Tax Tools in the black
column on the
left hand side of screen.
- Then select Tools.
-
Click on View Tax
Summary -- this
will give you information as to what is flowing where on your
return.
- 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.
- To go back to your return,
select Back from the left hand column.
Here is more information regarding the Qualified Business Income Deduction: