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Deduction for Qualified Business Income

cfaudel
Level 1
Sch C: I've entered wages in the COGS section & the wage line in expenses. Also tried the Qualified Business income, Wages allocated & Unadjusted Basis of Property override fields. As soon as taxable income hits $157,500 for Single, it won't  calculate QBID, even if there are lots of wages & qualified assets. What are we missing?
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abctax55
Level 15

You are missing the up-coming update (Jan 9?) that will do the phase out computation (or, so we hope...)

https://accountants-community.intuit.com/articles/1785802&src=lsccom

"Tax software is no substitute for a professional tax preparer"

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1 Comment 1
abctax55
Level 15

You are missing the up-coming update (Jan 9?) that will do the phase out computation (or, so we hope...)

https://accountants-community.intuit.com/articles/1785802&src=lsccom

"Tax software is no substitute for a professional tax preparer"
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