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Where did turbotax derive my base QBI income? I'm a sole proprietor & none of my income would be considered wages, but the qualified income doesn't equal my revenue.

base QBI income, meaning qualified income before the 20% break is applied
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Accepted Solutions
Coleen3
Intuit Alumni

Where did turbotax derive my base QBI income? I'm a sole proprietor & none of my income would be considered wages, but the qualified income doesn't equal my revenue.

There will be an adjustment for 1/2 of SE tax on Line 27 Schedule 1 and any SE health insurance you may have taken.

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3 Replies
Coleen3
Intuit Alumni

Where did turbotax derive my base QBI income? I'm a sole proprietor & none of my income would be considered wages, but the qualified income doesn't equal my revenue.

There will be an adjustment for 1/2 of SE tax on Line 27 Schedule 1 and any SE health insurance you may have taken.

Where did turbotax derive my base QBI income? I'm a sole proprietor & none of my income would be considered wages, but the qualified income doesn't equal my revenue.

Thank you, your deductions plus deducting my SEP IRA got me to the turbotax qualified income.
Coleen3
Intuit Alumni

Where did turbotax derive my base QBI income? I'm a sole proprietor & none of my income would be considered wages, but the qualified income doesn't equal my revenue.

My pleasure.
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