Level 13
12-06-2019
08:12 PM
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Sch C profit is $38,409. Taxable income is well above profit but below thresholds. My understanding is QBID is calculated on profits. When prepping a dummy return in PS, I noticed with PS' current update, PS is adjusting profit by 1/2 SE tax. Please see below for details on pic. This is bottom of Schedule C.
Do we adjust for 1/2 of SE tax?
Someone asked in Lacerte same question and I answered....so if you see this twice....my apologies.
Thoughts?
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Level 13
12-06-2019
08:12 PM
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itonewbie
Level 15
12-06-2019
08:12 PM
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Perhaps we could consolidate this with the other thread, now that we have an active dialog going there?
https://accountants-community.intuit.com/questions/1793729-if-schedule-c-shows-net-income-of-100-000...
https://accountants-community.intuit.com/questions/1793729-if-schedule-c-shows-net-income-of-100-000...
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Still an AllStar
Still an AllStar
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12-06-2019
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absolutely my friend.
George4Tacks
Level 15
12-06-2019
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Closed - enter the discussion here https://accountants-community.intuit.com/questions/1793729-if-schedule-c-shows-net-income-of-100-000...
Answers are easy. Questions are hard!