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October 9, 2022
Question

Where can I see the Qualified Business Income deduction on my return? Is there a form/line number where I can view the amount indicated by Turbo Tax?

  • October 9, 2022
  • 2 replies
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2 replies

Critter-3
October 9, 2022

For 2021 ...  Line 13 of form 1040 ... READ the line ...

 

VolvoGirl
Employee
October 9, 2022

The QBI deduction goes on 1040 line 13 and only reduces the income you get taxed on for regular income taxes.  Your deductions can only reduce your taxable income to zero no more.  By adding the QBI to your deductions it will decease your income and you may not be getting as many credits as before.   Also after you reduce your income to zero there is no more refund to get back but you still may owe for other things like self employment tax or the 10% early withdrawal penalty from 401k or IRA accounts.

 

One thing I found was my QBI credit was not as much as I thought it would be.  Because I had a business loss the prior year and it carried it over and took it into account.

 

If you download your whole tax return you can see all the forms and worksheets to see how it was calculated.