Why - Using Torbotax Home and Business - Net Schedule C income is 68,583.00 but QBI worksheet lists 42,760.00 as qualified business imncome. Why not 68,853.00???
The IRS released the Final Regulations that clarified that
(1) the 1/2 SE tax deduction,
(2) Self Employed Health Insurance deduction, and
(3) employer retirement contributions
need to be subtracted from your business profit to determine "Qualified Business Income" (QBI) for the 20% deduction.