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O
oftamimi
February 10, 2025
Question

I placed my schedule K1 info. How do I know if my QBI deduction was automatically applied or not? I can't find it

  • February 10, 2025
  • 1 reply
  • 0 views
I placed my schedule K1 info. How do I know if my QBI deduction was automatically applied or not? I can't find it

    1 reply

    T
    ThomasM125
    February 11, 2025

    For a partnership Schedule K-1, you would look on line 20 of the partner's K-1 schedule and see a code Z if there was QBI reported. For an S Corporation Schedule k-1 you would look on line 17 and see code V. Both of them would then have supporting schedules. 

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    O
    oftamimiAuthor
    February 11, 2025

    Thank you, yes I do have a Code V however when I'm uploading my Schedule K1 onto Turbo tax, if i try to do it without code V, or try it by inserting Code V, it doesnt change my federal tax due, so I am questioning whether I'm actually getting the deduction or not, since with or without it makes no difference 

    R
    RobertB4444
    February 11, 2025

    Does your K1 show a loss for the year?  If you have a loss then you can't take the QBI deduction.

     

    @oftamimi 

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