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Get your taxes done using TurboTax
Thank you.... The 1099-NEC income from a former employer was for doing the exact same services as my regular SSTB. That service was also the same service I did as an employee before retirement. I have had this private service business for 40 years and was an employee for 35 years, but recently retired from my full-time position. If they continue to contract me independently after my retirement isn't that QBI, the same as income from my other clients? It is a small business. The 1009-NEC amount in question is only $1,240.
Turbo Tax adjusted my QBI by $964. over my net Schedule C profit, which increased my refund. I am confused why the QBI was not adjusted the full $1,240. I just want to make sure there wasn't a mistake and do not understand how $964. was calculated.
thank you!
d.