- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Thanks Daniel, I have no other business related issues (or income limits issues) on QBI. The issue is that TurboTax is automatically reducing the QBI by a wrong amount . Notably, if I use my full Line 1 "business income" on Statement A, TurboTax does not reduce that number for health insurance premiums. It only reduces it for 1/2 SEP and 401k contribution amounts, so it is still wrong. If I manually reduce the Statement A number to take out health insurance, then the program thinks that only the "Statement A number/Line 1 number" is QBI so it creates a percentage reduction of the SEP and 401K figures before subtracting them. Perhaps the issue is my K-1 which already has health insurance and 401k removed from the Statement A number - but again, if Statement A equaled Line 1, then there is no reduction for medical. So the program will not correctly calculate QBI and unless I override numbers which means no electronic filing.