2018 Pass Through Deduction: I've been searching without luck. Does any one out there know on what form the new 20% pass through deduction for Qualified Business Income is entered?

ricardo7 Loc: Washington, DC - Santiago, Chile

I've been searching without luck. Does any one out there
know on what form the new 20% pass through deduction
for Qualified Business Income is entered? I've got plenty
of information on how to calculate but nowhere to enter
that calculation.

Mike Fos Loc: Powhatan Virginia

Better get an accountant

twowindsbear

Ask the IRS. They'll know.

MadMikeOne Loc: So. NJ Shore - a bit west of Atlantic City

ricardo7 wrote:

I've been searching without luck. Does any one out there
know on what form the new 20% pass through deduction
for Qualified Business Income is entered? I've got plenty
of information on how to calculate but nowhere to enter
that calculation.

Line 9 on Form 1040. You need to first complete the QBID worksheet.

ricardo7 Loc: Washington, DC - Santiago, Chile

MadMikeOne wrote:

Line 9 on Form 1040. You need to first complete the QBID worksheet.

Thank you.

MadMikeOne Loc: So. NJ Shore - a bit west of Atlantic City

ricardo7 wrote:

Thank you.

You are very welcome. Since I’m a retired Tax Accountant, it was no big deal for me.

jerryc41 Loc: Catskill Mts of NY

MadMikeOne wrote:

You are very welcome. Since I’m a retired Tax Accountant, it was no big deal for me.

They don't make it easy, do they.

MadMikeOne Loc: So. NJ Shore - a bit west of Atlantic City

jerryc41 wrote:

They don't make it easy, do they.

They certainly don’t, Jerry. There is NO reference on the Worksheet as to which form and line to enter the QBID - seriously!?!!.? Just got a panicked email from a friend yelling for tax help for 2018 taxes. Guess I’m an un-retired Tax Accountant!

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

ricardo7 wrote:

I've been searching without luck. Does any one out there
know on what form the new 20% pass through deduction
for Qualified Business Income is entered? I've got plenty
of information on how to calculate but nowhere to enter
that calculation.

Check the instructions for Qualified business income deduction (line 9 on the 1040)

Dbl00buk Loc: Orlando

jerryc41 wrote:

They don't make it easy, do they.

They certainly don't. Make a mistake and they make it easy to get nailed to the cross.

Keven Loc: Grandview, WA

ricardo7 wrote:

I've been searching without luck. Does any one out there
know on what form the new 20% pass through deduction
for Qualified Business Income is entered? I've got plenty
of information on how to calculate but nowhere to enter
that calculation.

What tax software are you using? In turbo tax on the Schedule C input from there is a box to check that indicates the income quaifies for the Sec. 199A deduction (aka 20% business deduction). If you need more help send me a private message. Retired CPA

ricardo7 Loc: Washington, DC - Santiago, Chile

Keven wrote:

What tax software are you using? In turbo tax on the Schedule C input from there is a box to check that indicates the income quaifies for the Sec. 199A deduction (aka 20% business deduction). If you need more help send me a private message. Retired CPA

Thanks for your offer. Interesting that Schedule C has no mention of 199A.

Hal81 Loc: Bucks County, Pa.

The form I got this year was very short. --- "How much did you make this year?" <SEND IT IN>

ricardo7 Loc: Washington, DC - Santiago, Chile

Hal81 wrote:

The form I got this year was very short. --- "How much did you make this year?" <SEND IT IN>

Enough that the Pass through deduction is significant.