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Retirement tax questions
Thanks for replying. I am sure I never entered the $26,642 for the wrong business. Moreover, I can go back and see what health insurance premium is entered for each business, and it is $26,642 for the correct business, and zero for the other two businesses. Moreover, the error is for $26, 580 (i.e., 53,222 minus $26,642) , which is not even for the same amount as the correct insurance premiums entered.
To answer your final question: Form 7206 only lists the correct $26,642 figure. (Note that there is only one form 7206 generated, and for the correct business.) The incorrect $53,222 figure only appears in the Qualified Business Income Deduction Smart Worksheet for the relevant business, line E5a,, as well as in Sch. 1, line 17. From schedule 1, line 17, the figure is then included in the calculation that results in an incorrect figure appearing on form 1040, line 10.