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Tax Year Prior to 2020: TurboTax: QBI for small business / independent contractor
I am using TurboTax (latest) for 2018 tax return. Apart from salary, I have some revenue as an independent contractor / information technology (smaller than $10K). Somehow, TT does not consider this revenue as QBI and the deduction is zero.
Anybody aware why and if this is expected? Thank you so much!
March 21, 2019
5:35 PM
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Get your taxes done using TurboTax
QBI is calculated on net profit. If you have a net loss on that business, you won't see it. Look for a QBI Deduction Summary or similar worksheet to see how it's calculated for you. This link is an FAQ with a lot of good information on what QBI is and how it's calculated.
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April 14, 2019
9:39 AM