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???

[mlh80]

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???

[VolvoGirl]

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.

[CaronM]

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.