I am trying to let turbo tax calculate my estimated taxes for 2023, but I cannot figure out how it is calculating the QBI deduction. Here is the scenario:
Married filing jointly
Business is a SSBT
Schedule C income = $334,535
1/2 of SE tax = $14,412
Self Employed healthcare premium deduction = $26,640
Standard deduction for 2023 is $27,700
QBI deduction should equal $53,157 ((334,535 - 14,412- 26,640-27700)*.20)
But turbo tax is calculating QBI deduction amount to be $63,000. If the schedule C income amount is changed to $334,534 it calculates correctly. Not sure if there is something I am missing on how it is being calculated.
