How do I claim the Qualified Business Income Deduction as a Schedule K-1 Recipient?
by TurboTax• Updated 7 months ago
The Qualified Business Income (QBI) deduction allows non-corporate taxpayers to deduct up to 20% of their qualified business 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.
To claim this deduction, you need to enter the information from your specific K-1 form(s) into TurboTax. Your QBI deduction will then be automatically calculated for you.
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