ColeenD3
Expert Alumni

Deductions & credits

No, your income was correctly reported on Form 1099-NEC.

 

 The 20% QBI deduction calculation compares the difference between 20% of the QBI (your Schedule C net income, minus any other deductions attributable to your Schedule C income, which encompasses deductions such as the solo 401K deduction, Self-Employed Health Insurance Deduction attributable to the business, and 1/2 of SE tax being deducted on your return) and 20% of your taxable income.