Question

QBI Reporting

Forum|Forum|5 years ago
February 12, 2021
1 reply
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I have TurboTax Premier and am doing my taxes for the 2nd year post-retirement. I get a K-1 and last year seemed straightforward entering both the Section 199 QBI as well as W-2 wages. This year I don't see where I input the W-2 wages and when I look at the printed form for the QBI worksheet there is a spot for it and nothing there since I did not enter it.

Thanks

Geoff

AmyC

Employee

You get the K-1 and you get the W2, means you are doing data entry. You are not in the business software and creating them. See

Where do I enter a K-1 that I received? and How do I import or enter my W-2?

For the QBI your K-1 must have QBI entries. TurboTax Deluxe will calculate the qualified business income deduction (QBI) from your K-1 entries.

If you are reporting income from a partnership K-1 schedule (form 1065), then you would need an entry in box 20 with code A, AA, AB, AC or AD of the K-1 schedule to qualify for a QBI deduction.
If you are reporting income from an S corporation (form 1120-S), then you would need an entry in box 17 coded "V". It is possible that the income reported to you does not qualify for a QBI deduction.

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