Submitted By: someone
Answered: November 19, 2018 10:20 pm

Where on Schedule C is the qualified business income deduction taken?

The qualified business income (QBI) deduction is not a business deduction; it does not appear on Schedule C or any other business tax return. Instead, it is a personal deduction on Form 1040 that is subtracted after reducing adjusted gross income by the standard deduction or itemized deductions.

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Tax Glossary

Short tax year

A tax year of less than 12 months. May occur with the startup of a business or change in accounting method.

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