cowboys15
Level 2
‎12-07-2019 12:53 AM
 
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IRonMaN
Level 15
‎12-07-2019 12:54 AM

There are some factors to consider other than just the bottom line of a schedule C.  Doesn't Lacerte provide a worksheet as to how the number is calculated?


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cowboys15
Level 2
‎12-07-2019 12:54 AM
Yes, The worksheet shows Business income, minus 1/2 SE tax, then gives net total for QBI.  The amount shown is only 10% of the QBI.  I thought it was 20%
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IRonMaN
Level 15
‎12-07-2019 12:54 AM
What kind of income level are we talking?  Does she have other income?  Providing some numbers here might be helpful.

Slava Ukraini!
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cowboys15
Level 2
‎12-07-2019 12:54 AM
No other income.  Just sch C income.
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IRonMaN
Level 15
‎12-07-2019 12:54 AM
I think you might have missed the part where I said providing some numbers might be helpful :smile::smile:

Slava Ukraini!
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TaxGuyBill
Level 15
‎12-07-2019 12:54 AM
The 20% deduction is on the LOWER of (1) QBI and (2) "taxable income" (after adjusting for capital gains).
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rbynaker
Level 13
‎12-07-2019 12:54 AM
Is your QBID equal to your TI divided by 4?
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cowboys15
Level 2
‎12-07-2019 12:54 AM
Sch C income $38310, less 2707 1/2 SE tax, AGI $30755, less itemized $15634.  Here are the numbers.  
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IRonMaN
Level 15
‎12-07-2019 12:54 AM
See Bill's post about taxable income.

Slava Ukraini!
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TaxGuyBill
Level 15
‎12-07-2019 12:54 AM
With "taxable income" of $15,121 (AGI  minus Itemized), that would result in a $3024 deduction.
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