topic TurboTax calculates my QBI $30000 less than my net business income. Why? in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/turbotax-calculates-my-qbi-30000-less-than-my-net-business-income-why/01/624761#M24486 <P>A number appears on the QBI component worksheet that is $30,000 less than my net business income.&nbsp; This is the number that TurboTax uses to start the calculation for the QBI deduction.&nbsp; Why isn't the number to start with my net business income? I can't figure out where or how TurboTax got to that numbe</P> Thu, 06 Jun 2019 07:03:27 GMT michaelgryan 2019-06-06T07:03:27Z TurboTax calculates my QBI $30000 less than my net business income. Why? https://ttlc.intuit.com/community/business-taxes/discussion/turbotax-calculates-my-qbi-30000-less-than-my-net-business-income-why/01/624761#M24486 <P>A number appears on the QBI component worksheet that is $30,000 less than my net business income.&nbsp; This is the number that TurboTax uses to start the calculation for the QBI deduction.&nbsp; Why isn't the number to start with my net business income? I can't figure out where or how TurboTax got to that numbe</P> Thu, 06 Jun 2019 07:03:27 GMT https://ttlc.intuit.com/community/business-taxes/discussion/turbotax-calculates-my-qbi-30000-less-than-my-net-business-income-why/01/624761#M24486 michaelgryan 2019-06-06T07:03:27Z The QBI deduction calculation has several different parts... https://ttlc.intuit.com/community/business-taxes/discussion/the-qbi-deduction-calculation-has-several-different-parts/01/624766#M24487 <P>The QBI deduction calculation has several different parts among its three threshold taxable income levels.&nbsp; At the lowest level (under the threshold of personal taxable income of $157,000 single and $315,000 joint), the QBI is calculated as <B>EITHER</B> 20% of your qualified business income (which is self employed business profit less self employment taxes, self employed health insurance and/or self employed retirement, etc) <B>OR</B> 20% of your personal <B>taxable income</B> less capital gains/dividends.</P><P>In TurboTax Home &amp; Business, you can switch to FORMS mode to see the Qualified Business Income worksheets that should specify how the deduction was calculated.&nbsp; Below is a link for how to switch to FORMS mode:</P><P> <A href="https://ttlc.intuit.com/replies/3339204" target="_blank">https://ttlc.intuit.com/replies/3339204</A> <BR /> </P><P>And here is more information on the QBI deduction, including an example of how it is calculated at the different threshold levels:</P><P> <A href="https://ttlc.intuit.com/replies/7019998" target="_blank">https://ttlc.intuit.com/replies/7019998</A> <BR /> </P><BR /><BR /> Thu, 06 Jun 2019 07:03:28 GMT https://ttlc.intuit.com/community/business-taxes/discussion/the-qbi-deduction-calculation-has-several-different-parts/01/624766#M24487 JulieCo 2019-06-06T07:03:28Z
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topic TurboTax calculates my QBI $30000 less than my net business income. Why? in Business & farm
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https://ttlc.intuit.com/community/business-taxes/discussion/turbotax-calculates-my-qbi-30000-less-than-my-net-business-income-why/01/624761#M24486
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<P>A number appears on the QBI component worksheet that is $30,000 less than my net business income.&nbsp; This is the number that TurboTax uses to start the calculation for the QBI deduction.&nbsp; Why isn't the number to start with my net business income? I can't figure out where or how TurboTax got to that numbe</P>
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TurboTax calculates my QBI $30000 less than my net business income. Why?
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https://ttlc.intuit.com/community/business-taxes/discussion/turbotax-calculates-my-qbi-30000-less-than-my-net-business-income-why/01/624761#M24486
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<P>A number appears on the QBI component worksheet that is $30,000 less than my net business income.&nbsp; This is the number that TurboTax uses to start the calculation for the QBI deduction.&nbsp; Why isn't the number to start with my net business income? I can't figure out where or how TurboTax got to that numbe</P>
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The QBI deduction calculation has several different parts...
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https://ttlc.intuit.com/community/business-taxes/discussion/the-qbi-deduction-calculation-has-several-different-parts/01/624766#M24487
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<P>The QBI deduction calculation has several different parts among its three threshold taxable income levels.&nbsp; At the lowest level (under the threshold of personal taxable income of $157,000 single and $315,000 joint), the QBI is calculated as <B>EITHER</B> 20% of your qualified business income (which is self employed business profit less self employment taxes, self employed health insurance and/or self employed retirement, etc) <B>OR</B> 20% of your personal <B>taxable income</B> less capital gains/dividends.</P><P>In TurboTax Home &amp; Business, you can switch to FORMS mode to see the Qualified Business Income worksheets that should specify how the deduction was calculated.&nbsp; Below is a link for how to switch to FORMS mode:</P><P> <A href="https://ttlc.intuit.com/replies/3339204" target="_blank">https://ttlc.intuit.com/replies/3339204</A> <BR /> </P><P>And here is more information on the QBI deduction, including an example of how it is calculated at the different threshold levels:</P><P> <A href="https://ttlc.intuit.com/replies/7019998" target="_blank">https://ttlc.intuit.com/replies/7019998</A> <BR /> </P><BR /><BR />
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