On our joint return, we list three Schedule C businesses. We entered in the "step by step" for one business a health care insurance premium of $26,642. This gets transferred to form 7206, on lines 1, 3 and 14.
However, on Line 17 of 1040 schedule 1, the health insurance deduction is listed as $53,222. That's almost double (but not quite) of what we entered. (Btw, when we right-click in the forms view on the 53,222 figure on Sch. 1, ln. 17, the "data source" option is grayed out.).
From Sch. 1, ln. 17, the $53,222 figure gets included in the calculation for Form 1040, line 10.
We double checked all our "step by step" entries for all three businesses, and, as mentioned, health insurance premiums were only entered once, for one business only, and for $26,642.
We also generated a PDF copy of the tax return with all worksheets. On the "qualified business income deduction smart worksheet," for the one business for which we entered health insurance premiums, line E5a lists 53,222 as the "self-employed health insurance for this business."
In the PDF, the 53,222 figure appears only on that QBI worksheet, as well as the above-mentioned form 7206 and Sch. 1, ln.17.
What could possibly be causing the miscalculation? How can we fix it? Thanks so much .
