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Why is my QBI deduction so low compared to 20% of my business net income?
The QBI calculated by TT is only $236. Yet, my total taxable income (MFJ) is $100,534 and my schedule C business net income is $10,372. Reviewing the QBI Form 8995 worksheet from IRS, I would seem to qualify for 20% of the $10,372, give or take other minor subtractions from net income. So, I think QBI deduction should be around $2,000 not $236.
All of my gross income is coming from a Form 1099-NEC. Should my customer have used 1099-MISC instead? Perhaps that might be the problem?
Thanks.
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ā€ˇFebruary 12, 2021
7:04 PM