I have income from both wages and schedule C business. Our total, married filing jointly, income is well under the limit to receive a QBI deduction.
As far as I can tell, my total schedule C net income (line 31) should qualify for the QBI. Before filing, I printed out a draft of my return to go over everything. The amount that was automatically transferred to form 8995 (line 1(c)) - on which the QBI deduction is calculated - is significantly less than the net income in schedule C. I had a loss last year, but that is properly added to line 3 of form 8995 and deducted from the original number reported on line 1(c).
So the question is, what accounts for the discrepancy between my net schedule C income and the base QBI used in form 8995?
I've been on the phone and chat with multiple advisors at TurboTax now for a total of about two hours, and have been frustrated by the response. I am thinking now that there is a glitch in the software - or is there any other way to account for this?
