Qualified Business Income Deduction - Sole Proprietor Income

Per IRS Instructions for Form 1040, page 6:

Qualified business income deduction. The simplified worksheet for computing your qualified business income deduction is now Form 8995, Qualified Business Income Deduction Simplified Computation. Please see Form 8995 and its instructions to figure your qualified business income deduction.

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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