Solved: I need to understand why I suddenly have Qualified Business Income if I do not own a business.
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

I need to understand why I suddenly have Qualified Business Income if I do not own a business.

 
1 Best answer

Accepted Solutions
Level 9

I need to understand why I suddenly have Qualified Business Income if I do not own a business.

rental income, 1099 income, REIT, partnership taxes, k-1's are all placed QBI could come from. There is a question during the interview about if it is eligible for QBI. If you received a 1099 DIV with an amount in Box 5 as the dividends from a REIT can be included in the calculation.  Another possibility is if you had any 1099 MISC income with an amount in box 7 (non employee compensation), the IRS requires that income reported on Schedule C and it would be included in the QBI deduction calculation.

View solution in original post

5 Replies
Level 9

I need to understand why I suddenly have Qualified Business Income if I do not own a business.

rental income, 1099 income, REIT, partnership taxes, k-1's are all placed QBI could come from. There is a question during the interview about if it is eligible for QBI. If you received a 1099 DIV with an amount in Box 5 as the dividends from a REIT can be included in the calculation.  Another possibility is if you had any 1099 MISC income with an amount in box 7 (non employee compensation), the IRS requires that income reported on Schedule C and it would be included in the QBI deduction calculation.

View solution in original post

New Member

I need to understand why I suddenly have Qualified Business Income if I do not own a business.

It is a REIT. Does not matter that I am not a business?
Level 9

I need to understand why I suddenly have Qualified Business Income if I do not own a business.

the REIT is a QBI for 199A and why you are getting it. I hopt this was helpful?
New Member

I need to understand why I suddenly have Qualified Business Income if I do not own a business.

Thanks!  It does not matter that I am not a qualified trade or business or a SSTB?  
Level 9

I need to understand why I suddenly have Qualified Business Income if I do not own a business.

The REIT is the qualified business, not you personally
Dynamic Ads
v
Privacy Settings