3500566
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?
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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.
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?
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