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Line E of the Qualified Business Income Deduction Smart Worksheet allows for adjustments to the QBI from the ongoing operation of this business. If for some reason a portion of the income or expense of this business is not eligible for the QBI deduction, any necessary adjustments would be entered on line E2.
Unless an amount was entered on the screen asking for adjustments to business income, I don't see how a QBI deduction of $2,800 could be calculated on $1,500 of income.
The Qualified Business Income Deduction Smart Worksheet is located at bottom of the Schedule C. You can preview the worksheet using these steps:
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- Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.
- In the Forms in My Return list on the left, click on Schedule C (business name).
- It will appear on the screen to the right. You can delete the entry on line E2 if you wish.
- Scroll down to the worksheet, which is below line 48.
- To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.
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- While in your return, click Tax Tools (in the black bar on the left of your screen) and then click select Print Center.
- Click Print, save or preview this year's return.
- Mark he radio button Include government and TurboTax worksheets (optional).
- Click the View or Print forms box.
