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gfpstaxes
Level 5
February 28, 2023

QBI Experts: Why is the line 1c of 8995 different from line 31 of the only Schedule C on a return?

  • February 28, 2023
  • 3 replies
  • 6 views

Why is the line 1c different from line 31 of the only Schedule C on a return?

The amount on line 31 of Schedule C is $2,177

and line 1C of the 8995 is $2,023

Why the difference? How is that calculated?

Thanks, Ky

    This topic has been closed for replies.

    3 replies

    rbynaker
    rbynaker
    Level 13
    February 28, 2023

    $154 = 1/2 of SE tax.

    Does the software give you a worksheet somewhere?  Drake is good about showing the math on these things.

      P
      PamC
      Level 6
      February 28, 2023

      Income for the QBI calculation has been reduced by the deduction for one half of self-employment tax.

        abctax55
        abctax55
        Level 15
        February 28, 2023

        And, it would also be reduced by any retirement plan contributions.

         

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