How do I file qualified business income deduction and S Corp shareholder stock and debt basis limitation for my spouse on a joint return?

When you enter the Schedule K-1 information into TurboTax, you will be asked to enter loss carryovers which will include the basis loss limitation carryovers and the QBI carryovers.  You will then be prompted to complete Form 7203 as well.

You can get to the section to enter a Schedule K-1 in TurboTax Online by following these steps:

1. Sign in to your TurboTax
2. Open or continue  your return
   • Choose a section from the TurboTax menu and select Pick up where you left off
3. Using the search bar, type K-1 and select the Jump to link from the search results
   • Note: If the Jump to link doesn’t work, select the Federal tab, then under S-corps, Partnerships, and Trusts, select Wages & Income
   • Select Revisit or Start next to Schedule K-1
4. Answer Yes to Do you want to review Schedules K-1 or Q? and follow the prompts
   • Note: You may be prompted to upgrade to Premier, if you're not already using it
5. This will take you to the Schedules K-1 or Q screen
6. We’ll ask some questions about your K-1, and then you’ll enter the data from the form

To enter in TurboTax CD/Download:

1. Sign in to your TurboTax
2. Open or continue  your return
3. Using the search bar, type K-1 and select the Jump to link in the search results
4. This will take you to the Schedule K-1 and Schedule Q screen
   • Note: If the Jump to link doesn’t work, select Personal, then Personal Income
5. Select I’ll choose what I work on and continue until you reach the screen, Your 2022 Income Summary
6. Select Start next to Schedule K-1 under Business Investment and Estate/Trust Income
7. Answer Yes and follow the prompts
8. We’ll ask some questions about your K-1, and then you’ll enter the data from the form