Are you reporting self-employment income on Schedule C Profit and Loss From Business?
If you are, does the Schedule C show a profit on the 2022 Federal 1040 tax return? There will be no Qualified Business Income Deduction if there is no self-employment income.
If there is a profit on the 2022 Federal 1040 tax return, at the screen Here's your info, review Qualified Business Income under Business Summary to make sure that you meet the qualifications for the Qualified Business Income Deduction.
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages and Income.
- Scroll down to Self-employment. Click Show more.
- Click on Start / Edit / Add to the right of Self-employment income and expenses.
- At the screen Your self-employed work summary, click Edit.
- At the screen Here's your info, scroll down to Business Summary.
- Review Qualified Business Income under Business Summary to make sure that you meet the qualifications for the Qualified Business Income Deduction.
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