Why doesn't TurboTax produce a QBI deduction from my Schedule C if I have $834 Net Income? I selected the Yes box where it asks, "Is this Qualified Business Income"? Last year this same Schedule C business produced a QBI deduction. This year it shows $0 on my Qualified Business Income Component Worksheet. Not sure if it matters, but I did have K-1 business income this year that DID produce a QBI deduction (last year that K1 was a loss). Is the QBI for only one business or the other?
Various income components are netted together on IRS form 8995 or 8995-A
Does the loss from the prior year offset the profit from the current year?
Does the Qualified Business Income Deduction Summary show a loss from a previous year on line 3?
IRS Form 8995 may show a carryover on line 3.
IRS Form 8995-A may show a carryover on line 29.
[Edited 04/11/2021 7:43 AM PST]
JamesG1,
Thanks kindly for your response. The Qualified Business Income Deduction Summary, line 3 titled "Loss from previous year" is blank. And the Net QBI next to the name of my Schedule C says 0 even though the profit was $834. However... while searching the pdf draft of the tax return worksheets and for "8895" and the summary you mentioned, I came across the Qualified "Business Income Deduction Smart Worksheet" specifically for my Schedule C and it appears my allowable QBI of $834 was negated by my self-employment health insurance and 1/2 self-employment tax! So that is the reason I get no QBI!