Hi Dawn,
You said: << If a taxpayer has taxable income above the higher taxable income threshold and owns a business that is not a specified service trade or business, the QBI deductible amount for the business is subject to a limitation based on W-2 wages and/or capital. >>
Did you mean that it IS a specified service trade or business, rather than is NOT? The QBI Component Worksheet in TTax indicates (just above line 11 for the 2020 version) that there is a reduction if you DO have, rather than do not have, a SSTB. Regardless, your words lead me to believe that my QBI deduction might not have been limited if I had just chosen a different description of my Schedule C business (run out of a home office). Is that true? If so, can you give me an example of anything in, say, the consulting or finance or investment or EXCEL guru(!) arena that I could choose that might cause this "reduction algorithm" to not be invoked by TurboTax? Is it all about the 6 digit code I entered for schedule C?
Thanks for your help. You are obviously one very sharp cookie!
