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Doe these qualify as QBI?

I have been a longtime locally elected official (planning board) and receive a 1099-NEC for the annual stipend which is  $1,000.  In years past I have claimed this as QBI and take a home office deduction.

 

Last year, I was additionally elected to a three year term to serve on the board of a local community bank.  I have also received a 1099-NEC.  This is a paid board position and earns $20,000 annually.

 

Are both or either of these qualify as QBI?  Also, any idea what is the proper business code is that I should be using?  I have been using 9999

 

 

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1 Reply

Doe these qualify as QBI?

Just to clarify, the $20,000 is self employment income correct. If you look at the 

IRS guidance, there are certain industries that have income limitations to qualifying for the QBI. They list consulting and financial services as one of the "specified services trade or business."  By your description, I'd say that is your field. Whether you get the QBI is based on household income. 

Enter it in as eligible for QBI and let the software calculate it. The NAICS code 541618 is for Management Consulting Services which may apply.

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