Do you get your schedule c deductions plus the QBI deductions for 2018 and how does calculate them on the return?

drbeck123 — Sat, 01 Jun 2019 15:39:35 GMT

Does turbo tax automatically figure into tax obligation the 20% deduction off schedule c when tax is calculated?

Yes, your business expenses get reported on Schedule C an...

JulieCo — Sat, 01 Jun 2019 15:39:37 GMT

Yes, your business expenses get reported on Schedule C and will reduce your Schedule C business income reported on your tax return.

And, yes, the Qualified Business Income (QBI) deduction is automatically calculated by TurboTax behind the scenes utilizing data from your Schedule C PLUS other parts of your tax return. Therefore, because there are several pieces to the QBI deduction calculation, it more than likely will not be a 20% calculation of your business profit on Schedule C.

The deduction calculation for taxable income under the first threshold of $157,500 single or $315,000 joint, is 20% of QBI (which is your qualified business income less your portion of self-employment taxes, self-employed health insurance, etc) OR 20% of your taxable income (except capital gains and dividends), whichever is LESS.

The QBI deduction is reported on line 9 of your 1040 form. See below for more information:

https://ttlc.intuit.com/replies/7019998

topic Do you get your schedule c deductions plus the QBI deductions for 2018 and how does calculate them on the return? in Deductions & credits

Do you get your schedule c deductions plus the QBI deductions for 2018 and how does calculate them on the return?

Yes, your business expenses get reported on Schedule C an...