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Old 03-09-2018, 04:53 PM
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Question New QBI (Qualified Business Income) deduction

It looks like I'll be able to deduct 20% of my taxable sole-proprietorship income with the new QBI deduction.

Do I apply that 20% before or after other deductions, including the standard deductions? I've read a bunch of the web pages out there, and this still isn't clear to me.

Currently my simple taxes look like this:
  • Net business income
  • Less deductible half of self-employment tax
  • Less contribution to SEP-IRA
  • Equals AGI
  • Less standard deduction
  • Equals taxable income

Where in this list do I get to insert the QBI deduction? This is relevant for the estimated taxes that I'll start paying in April.

Thank you!



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