Line | Sole Proprietor/LLC | Partnership* | S-Corp | C-Corp | |
---|---|---|---|---|---|
1 | Wages from Forms W-2 | ||||
2 | Interest Income | ||||
3 | Dividend Income | ||||
4 | Taxable IRA and Pensions and Annuities | ||||
5 | Business Income or (loss) (Schedule C) | NA | NA | NA | |
6 | Rental Real Estate, Royalties, Partnerships, S Corporations, Trusts, Etc. | NA | NA | ||
7 | Other Income (Schedule 1 Line 9) | NA | |||
8 | Total Income | ||||
9 | Deductible Part of Self-Employment Tax | NA | NA | ||
10 | Adjustments (Schedule 1 Line 22) | - | NA | ||
11 | Adjusted Gross Income | ||||
12 | Standard Deduction or Itemized | ||||
13 | Qualified Business Income Deduction | - | |||
14 | Add lines 9 and 10 | ||||
15 | Taxable Income | ||||
16 | Tax**** | ||||
17 | Other Taxes, Including Self-Employment Tax | ||||
18 | Total Tax | ||||
19 | Social Security & Medicare Paid on Wages | ||||
20 | Corporation Taxes** | ||||
21 | Total Tax*** |
Line | Sole Proprietor/LLC | Partnership* | S-Corp | C-Corp | |
---|---|---|---|---|---|
1 | Net income from business activity for QBI deduction | ||||
2 | Adjustments for 1/2 SE tax, SE health insurance, SE pension | 0 | 0 | ||
3 | Adjusted net income from business activity for QBI deduction | 0 | |||
Taxable income before QBI Deduction | - | ||||
Is the business a Sec 162 qualifying activity for QBI Deduction? | No | ||||
Does Service Business Limitation Apply? | No | ||||
4 | Qualified business income from the trade or business | NA | |||
5 | Allocable share of W2 wages from the trade or business | ||||
6 | Allocable share of the UBIA | ||||
7 | Net income from business activity for QBI deduction | ||||
8 | Threshold. Enter $157,500 ($315,000 if MFJ) | ||||
9 | Subtract line 8 from 7 | ||||
10 | Phase-in range. Enter $50,000 ($100,000 if MFJ) | ||||
11 | Divide line 9 by 10 | ||||
12 | Applicable percentage. Subtract 11 from 100% | ||||
13 | Applicable percentage of QBI. Multiply line 4 by line 12 | NA | NA | ||
14 | Applicable percentage of W2 wages. Multiply line 5 by line 12 | NA | NA | ||
15 | Applicable percentage of UBIA. Multiply line 6 by line 12 | NA | NA |