Question

Is turbotax updated to allow for 20% of K-1 income to be tax-free?

Forum|Forum|6 years ago
February 17, 2020
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TurboTax Premier Online

You wanted to know if TurboTax will handle the QBI 20% deduction for a K-1

If your K-1 (1065) form has an amount in box 20 with a code of one or more of Z to AC, those are the amount(s) that are needed for the QBI deduction calculation. The 199A QBI deduction is reported on line 9 of your 1040 form. In TurboTax Home & Business, you can change to FORMS mode to see your 1040 form, plus the supplemental schedules that will show the 199A QBI deduction calculation.

Please see original post by JulieCo: QBI Original Post

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