Calculating QBI for K-1 Income
Calculate the qualified business income (QBI) deduction for income deriving from 1065 and 1120S income reported on Schedule K-1. [CC]
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Enter most retirement income information – such as data related to Roth distributions and rollovers – using the 1099, 8606, and Roth screens. [CC]
Drake Tax's SALT Limitation Worksheet breaks down the deductions for the $10,000 State and Local Tax Deduction. [CC]
If a taxpayer received a coronavirus-related distribution in 2020 and that amount was entered in Drake Tax 2020, information from the 2020 return will update to 2021. If not, enter the 2020 information on the 915F screen in Drake Tax 2021.