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Level 1

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???

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???

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Level 11

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.
Level 1

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.