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@Ephesians3-14 wrote:
BEFORE deducting the $10,000 health premiums was $65,000. After deducting the $10,000 in health premiums, the net income was $55,000
When I reviewed the QBI computation I noticed it started with the $55,000. Was I supposed to also MANUALLY enter the $10,000 of health insurance premiums on the S Corp K-1 Wksht (in Section "D1 - QBI Deduction Statement A Information)?
If you entered $10,000 there, wouldn't it then be $45,000? That doesn't seem right to go from $65,000 to $45,000 using only $10,000 of insurance.
With that being said, I have stuck in the back of my mind about some bizarro IRS claim that effectively double-deducts that. Maybe that is this? But I also have stuck in my mind that some tax preparers refuse to do it that way, which is maybe why the program doesn't automatically do it???