QBI (Qualified Business Income deduction)

Is there a way to enter a QBI (Qualified Business Income deduction) in the Tax Planner? If not, is there a work-a-round?


  • markus1957
    markus1957 SuperUser, Windows Beta Beta

    You're pretty much on your own to come up with a workaround unique to your situation. Look at the Business Income and Adjustments sections in Tax Planner to see if there are places you could apply a deduction that works for you. You will have to manually keep track of all the income phaseouts.

    For example, if there is an income stream eligible for the QBI deduction, you could create a split transaction for that income that allots 20% to a category (QBI Income Deduction) associated with a tax line (Form 1040: Student Loan Interest) that will show up as a deduction in the Adjustments>Other Adjustments section of the planner.

    On the other hand, if it is just a few dividends from a REIT fund, I've found including those in the estimate with other fund dividends as QDI, is close enough to for tax estimating purposes.

    If you come up with something that works, please post it for others to comment and maybe apply for their own use. If you come up with something that might be generically applied, with enough interest, Quicken might even add a tax line and an input for a QBI deduction in the planner.

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