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Level 2
April 15, 2023
Question

QBI

  • April 15, 2023
  • 1 reply
  • 9 views

I'm a sole proprietor filing a Schedule C in TurboTax Deluxe. I'm trying to figure out why QBI calculation says my Taxable Income is only $40. If that were true, I wouldn't need to file a tax return. Anyone else experiencing this issue?

    1 reply

    Mike9241
    Level 15
    Level 15
    April 16, 2023

    maybe it's income for the QBI deduction form 8995 computation. Schedule C income is reduced by 1/2 the SE tax, self-employed health insurance deduction and retirement plan contributions to arrive at QBI.  if you have pass thru entities perhaps they have QBI losses that would offset the schedule C

    Mike9241
    TEDNYSAuthor
    Level 2
    April 18, 2023

    Thank you!