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Has turbotax put the 20% pass through deduction into their software yet? I don't see it calculated and I'm almost certain I qualify. I am a sole-proprietor.

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Self Employed Online

Best answer by VolvoGirl

Not yet. The new 20% QBI deduction is available to Sch C filers and when the program is fully updated sometime late January at the earliest ... you will see the deduction happen automatically.

B

broussardchristo

when is it going to be there-QBID

C

cme4woteva

when is it going to be in turbo tax

VolvoGirlAnswer

Employee

Not yet. The new 20% QBI deduction is available to Sch C filers and when the program is fully updated sometime late January at the earliest ... you will see the deduction happen automatically.

D

dmertz

Employee

[Edit: This comment may only apply to the CD/download version of TurboTax Home & Business] Make sure that you gone through the entire Business section, including Profit and Loss from Business, editing your business and clicking the Continue button on the Your [XXX] Business page. TurboTax does not generate the QBI deduction worksheets until you click that Continue button.

A

Anonymous

note that some sole proprietorships may not qualify (certain service providers) others will find the deduction may be less than 20% due to phaseout because taxable income is too high. even after TT has the QBI in the program, I expect hundreds of questions because the results won't be 20%

C

cleverlyengaged

Employee

I am actually seeing that it is now calculated. What you need to do, is completely finish your business income section and click continue. There should be no "review" prompt or warning. TurboTax will then ask if the work you performed for your self employed job was in the United States. After clicking yes, you'll see your discount automatically applied if your industry is included in the QBI deduction (mine was marketing consulting).

I never found a worksheet either, but I assume it is the QBI being applied. My refund went from $1500 for federal to $3500 for Federal as soon as I finished the business income and expense section of TurboTax.

A

Anonymous

it's there and has been for quite a while - on the input screen you have to go to the bottom and answer some questions. then if you qualify the qbi will be computed. for schedule c it is net schedule c less health insurance less retirement plan contributions.

I

igor_novak

It is there:

K-1 1065 - Box 20 Codes Z through AD
K-1 Form 1120S (S Corp) Box 17 Code V