garman22
Level 13
Level 13
‎12-06-2019 08:12 PM

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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garman22
Level 13
Level 13
‎12-06-2019 08:12 PM
@Ashley at Intuit (aka Henry Jr) @Matt105 @The Intuit Boris
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itonewbie
Level 15
‎12-06-2019 08:12 PM
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...
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Still an AllStar
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garman22
Level 13
Level 13
‎12-06-2019 08:12 PM
absolutely my friend.
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George4Tacks
Level 15
‎12-06-2019 08:12 PM

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!

View solution in original post

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