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QBI deduction (phased in reduction)
I have QBI that is from an SSTB and my income is within (but not greater than) the phase-out range. I understand that a portion of my QBI will be reduced, however the Turbo tax software seems to be reducing it twice. It is first reduced on rows 5 through 11 of the Form 8995A Schedule A Smart Worksheet. This reduced amount carries to Line 2 of Form 8995-A, where it is subsequently reduced again in Part III of that form. This does not seem right to me. I may have input something wrong but I can't figure out where. Has anyone else seen this? Is it correct? Any suggestions?
March 15, 2021
10:43 AM