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Per IRS Instructions for Form 1040, page 6:

Qualified business income deduction. Beginning in 2018, you may be able to deduct up to 20% of your qualified business income from your qualified trade or business, plus 20% of your qualified REIT dividends and qualified PTP income. The deduction can be taken in addition to your standard deduction or itemized deductions.

For more information, see the instructions for line 9 and Pub. 535

To complete the Qualified business income (QBI) section for self-employed or sole proprietor income in TaxAct:

  1. From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click in the upper left-hand corner, then Federal.
  2. Click Business Income under Federal Quick Q&A Topics to expand that category, then click Qualified Business Income (QBI) deduction (scroll down if necessary).
  3. Click Add to create a new copy of Schedule C or Review to modify an existing form.
  4. Continue through the interview questions until you reach the screen titled Qualified business income deduction information.
  5. The program will proceed with the interview questions for you to enter or review the appropriate information

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