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Deductions & credits
Do you have a Schedule C or Schedule E in your return? Have you entered all your income and deductions?
The deduction amount depends on the taxpayer's total taxable income, which includes wages, interest, capital gains (etc.) in addition to income generated by the business.
Once the taxable income reaches or exceeds $157,500 ($315,000 if filing jointly), the type of business also comes into play.
There is a QBI Worksheet in your return that shows the calculations for the deduction.
Click this link for more info on the QBI Deduction.
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March 27, 2020
3:30 PM