How can I add Qualified Business Income Deduction status to my QBSE profile to calculate estimated tax payments? Options?

I need to add my Qualified Business Income Deduction to accurately calculate quarterly estimated tax payments, QBSE helps calculate estimated taxes but without this deduction my estimated payments are higher than actual payments owed. Please advise. 

Answer

Hi Hernando.Montero,

Thanks for posting here in the Community.

The Qualified Business Income Deduction only applies for income tax purposes and not for self-employment. Adding them in QuickBooks Self-Employed is unavailable. You can add the deduction when filing through TurboTax.

Here's an article for more information about TurboTax: 2018 Tax Reform Changes For Self-Employed Businesses.

Don't hesitate to fill me in if you need anything else. I'm right here to help you

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