Sch C profit is $38,409. Taxable income is well above profit but below thresholds. My understanding is QBID is calculated on profits. When prepping a dummy return in PS, I noticed with PS' current update, PS is adjusting profit by 1/2 SE tax. Please see below for details on pic. This is bottom of Schedule C.
Do we adjust for 1/2 of SE tax?
Someone asked in Lacerte same question and I answered....so if you see this twice....my apologies.
Thoughts?
