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Sch C/QBI/1/2 of SE tax

Forum|Forum|6 years ago
December 7, 2019
4 replies
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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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Best answer by George4Tacks

Closed - enter the discussion here https://accountants-community.intuit.com/questions/1793729-if-schedule-c-shows-net-income-of-100-000...

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@Ashley at Intuit (aka Henry Jr) @Matt105 @The Intuit Boris

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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-but-the-sum-of-the-se-tax-se-health-insurance-and-sep-simple-deductions-is-20-000-is-the-qbi-100-000-or-80-000

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absolutely my friend.

George4TacksAnswer

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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...

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