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Get your taxes done using TurboTax
Yes. The qualified business income (QBI) is the net profit from Schedule C reduced by one half of the self employment tax (the deduction allowed when self employment tax is calculated).
- To figure the total amount of QBI, you must consider all items that are attributable to the trade or business. This includes, but isn’t limited to, unreimbursed partnership expenses, business interest expense, deductible part of self-employment tax, self-employment health insurance deduction, and contributions to qualified retirement plans.
- Instructions Form 8995
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April 8, 2022
5:30 AM