missingdonut wrote:I downloaded my 2018 tax software and started playing with a test return. UltraTax's initial computation of QBI is that it is taking Schedule C income to the deduction worksheet, with no reduction for a solo 401k deduction, and most surprisingly to me, no adjustment for the 1/2 of SE tax. I didn't test it with SEHI yet.
Just curious -- what is the interpretation of other tax programs on what qualifies as QBI?
Has the IRS released its final worksheets and forms related to QBI yet? I suspect no reasonable software vendor is going to try implementing calculation
details that are as yet unknown, especially in a November initial release.
Update: I went to look at the documents ("when all else fails, read the manual"). UltraTax bulletin says this:
"Note: As of this release, the IRS has not provided IRS Publication 535, Business Expenses, or a draft version of the worksheet. A preliminary Qualified Business Income (QBI) Component Worksheet is included in UltraTax CS. The worksheet will not be fully functional until the release of IRS worksheet."