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Get your taxes done using TurboTax
Yes, that subtraction is the required per the Final Regulations issued on January 15, 2019. Also required to be subtracted are the deductible portion of self-employment taxes and the deduction for self-employed health insurance. The instructions for Form 1040 were written before the regulations were finalized and are (purposefully?) vague as to what Qualified Business Income is with respect to a sole-proprietor.
‎June 1, 2019
12:41 AM