I have a client that has 2 Schedule C businesses, one under the SSN and one under an EIN. One business has a loss, the other a profit. I though the QBI deduction was based on each business, not the businesses in total. Right now, there is no QBI because the loss is bigger than the profit.
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The software is correct. If the net income/loss of all Qualified Businesses on the return is a loss there is no QBI deduction. Further, the loss carries forward for use in computing next year's deduction.
Rexamine your understanding of the QBI with regard to multiple business, becuase you will not get a QBI deduction while claiming a net business loss.
The software is correct. If the net income/loss of all Qualified Businesses on the return is a loss there is no QBI deduction. Further, the loss carries forward for use in computing next year's deduction.
Thank you! There have been so many changes and changes to changes, that I wasn't sure anymore.
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