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Qualified Business Income (QBI)

Qualified business income

The application helps you calculate the Qualified Business Income (QBI) deduction under section 199A of the Internal Revenue Code created by the 2017 Tax Cuts and Jobs Act.
A Partnership can't take the deduction itself. Instead, the application passes QBI components through to partners on
Schedule K-1, Box 20Z
. Use the
QBI screen
 to enter amounts different from the calculated amounts and other QBI components.
Use the
K1QBI screen
 to enter amounts reported from the K-1 Schedules received from other partnerships, estates, or trusts when the current partnership is a partner or beneficiary.

Qualify an activity

The application calculates the following when you enter
1
 in the
Qualifies as trade or business for section 199A
 field on the
QBI screen
:
  • An activity's qualified business income
  • Section 179 deductions
  • W-2 wages
  • Other income (loss)/deductions
  • Qualified property
The Section 199A Information Worksheet includes a column for each qualifying activity.

Worksheets and data sharing

The Forms view has the partnership's Section 199A information and the partner's Section 199A Information Worksheets. These show the qualified business income information by activity.
These worksheets print when you enter
1
 in the
Qualifies as trade or business for section 199A
 field on the QBI screen for at least 1 activity, or when there's data entered on the K1QB1 screen from Schedule K-1 where the current partnership is a partner or beneficiary.
Section 199A information shares data separately for each activity to the partner.
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