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- Tips Deduction for Self Employed NOT Calculting correctly.
Tips Deduction for Self Employed NOT Calculting correctly.
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kbair
Level 1
Thursday
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PS is not calculating the Tips Deduction on Schedule 1-A correctly.
PS is using the QBI worksheet to limit the Tips deduction to net income AFTER the 1/2 SE tax, SE medical, and retirement contributions. This is not correct based on everything the IRS has put out.
You can't drill down on the 1-A form to see where the number is coming from . But if you look at the QBI Smart worksheet down on the Scheudle C, you will see there is a line for the tips deduction. It is looking at the AFTER "deductions allocated to this business". If that is less than the qualified tips then it is transferring the lower amount to 1-A. Even if I change it on the worksheet, it does NOT flow the 1-A
So I don't see a work around until PS fixes the software. Can't override the amount on 1-A.
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