I am using Turbotax Small business for my 2024 tax return. I found the QBI in QBI worksheet is much lower than my net business income. I checked IRA, and understand the following items that are not included. However, my business income does not incldue any of the followings. Can someone help me on how Turbotax calculates QBI?
QBI does not include items such as:
- Items that are not properly includable in taxable income
- Investment items such as capital gains or losses
- Interest income not properly allocable to a trade or business
- Wage income
- Income that is not effectively connected with the conduct of business within the United States
- Commodities transactions or foreign currency gains or losses
- Certain dividends and payments in lieu of dividends
- Income, loss, or deductions from notional principal contracts
- Annuities, unless received in connection with the trade or business
- Amounts received as reasonable compensation from an S corporation
- Amounts received as guaranteed payments from a partnership
- Payments received by a partner for services other than in a capacity as a partner
- Qualified REIT dividends
- PTP income
