3500566
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

schwinn
New Member

QBI Deduction Calculation

TurboTax online is showing 2 different numbers they’ve calculated for the QBI deduction and are using the smaller of the 2 to calculate my return ($111).  I believe it should be using the larger number. $(246-20% of $1230)Any thoughts?

IMG_0467.jpeg

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

QBI Deduction Calculation

if you had a QBI loss carryover that would reduce the current year's QBI deduction. you'll need to review form 8995, which can't be done with online until the fees are paid. 

VictoriaD75
Employee Tax Expert

QBI Deduction Calculation

As stated above, you will want to review Form 8995 in your return. The QBI deduction is a complicated calculation and is subject to limitations and exceptions. For all taxpayers, the QBI deduction cannot exceed 20 percent of taxable income, excluding net long-term capital gains and qualified dividends.

 

However, there are two additional limitations on QBI: (1) wage limitation, (2) specified service business limitation. These limitations apply if taxpayers have income above $383,900 for married filing jointly and $191,950 for all other taxpayers in tax year 2024. 

 

What is the Qualified Business Income (QBI) deduction?

 

@schwinn 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question