Maybe. In your case, whether or not you will get a QBI deduction will depend on two factors:
- Your Filing Status
- How much is your AGI
As a CPA, you are considered a Specialty Services Trade Business (SSTB). For those who are in those fields, QBI is phased-out once the thresholds are reached until the amount of QBI deduction is zero.
If you are filing Married Filing Joint or Qualifying Widow/Widower, the threshold begins at 315,000 of AGI, and is completely phased out at $415,000. For all other statuses, the phase-out begins at $157,500 and phases out at $207,500.
If you are below the threshold amounts, you will be eligible for the full QBI deduction of 20%. Your self-employment status will help you, since all of your self-employment income qualifies as "pass-through" income for QBI.
If you are in the phase-out range, your QBI percentage is reduced in proportion to the amount you are above the threshold. (For instance, if you are filing Married Filing Joint, and your income is $75,000 above the threshold, your QBI deduction will be reduced 75%).
If you are above the phase-out range, you will not receive a QBI deduction.
Please see the following FAQ for additional information on this subject: https://ttlc.intuit.com/replies/7019998
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
