1/17/2019 – PHASE II RELEASE: Qualified Business Income Deduction adjustment menus have been added to the Schedule C, E, and F menus as well as within Form 4835. These QBID adjustment menus will be primarily used for Taxpayers whose applicable income is above the QBID limitation threshold and adjustments may be needed. For most Taxpayers the QBID will be automatically calculated by the software based on entries inside the return because their income is below the QBID limitation threshold. For additional information related to the Qualified Business Income Deduction, please click here.
Schedule C QBID menu location
Schedule E QBID menu location
Schedule F QBID menu location
Form 4835 QBID location at bottom of entry screen
The site will be placed in maintenance the morning of Thursday, December 13th to release some program updates. Most of the expected updates are primarily back-end but one item that should be available in the morning is the automatic QBID (Qualified Business Income Deduction) calculation based on entries made in the 2018 software. The QBID will calculate when completing Practice Return 7 under Section 6 of the Practice Lab.
- (RESOLVED) Issue 2266: To trigger the QBID, the Schedule C on a return currently needs to have the Business Name area populated within the “Basic Information About Your Business” menu.
12/12/2018 – PHASE I RELEASE: This will be the Phase I release, which is the automatic calculation of QBID for returns where the qualifying income is below the income threshold before a possible limitation in the allowed deduction could occur. Phase II will include additional items specific to returns where income would exceed the income threshold, causing a potential limitation in the allowed deduction.