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How do I enter the Qualified Business Income deduction in a ProConnect Tax Online tax plan?

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Intuit

How do I enter the Qualified Business Income deduction in a ProConnect Tax Online tax plan?

This article will help you:

  • enter the deduction for Qualified Business Income (QBI) in a tax plan based on entries in your tax return.
  • enter the QBI deduction manually in a tax plan.

If the client's return contains a QBI deduction:

  1. Create or open the Tax Plan. (See How do I create a tax plan in ProConnect Tax Online? for assistance.)
  2. Click on the Deductions/Exemptions tab.
  3. On the left-hand navigation menu, select Deductions.
  4. Note that the Deduction for Qualified Business Income section is filled out based on your entries in the base return.
  5. The first field, Combined Qualified Business Income Deduction, will pull the number from the tax return.  That same number will populate any future year.  Currently there is no way to edit that, nor will any calculation change it.     
  6. The field Deductions for Qualified Business Income will calculate based on the Taxable Income for Limitation (Minus Cap Gain) amount.  
  7. To edit the calculated deduction amount, make an entry in the field Deductions for Qualified Business Income in the appropriate column for the case and year.

To manually enter QBI in a tax plan:

  1. Create or open the Tax Plan. (See How do I create a tax plan in ProConnect Tax Online? for assistance.)
  2. Click on the Deductions/Exemptions tab.
  3. From the left-hand navigation menu, select Deductions.
  4. In the field Deductions for Qualified Business Income, enter the manually calculated amount in the appropriate column for the case and year.


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