QUALIFY BUSINES INCOME

[vbloj]

I am a self employed with 2  1099 forms one is for real estate and the other for consulting services. Do I qualify for the  QUALIFY BUSINES INCOME DEDUCTION?

THANKS

[Coleen3]

Yes.

Q2. Who may take the section 199A deduction?

A2. Individuals, trusts and estates with qualified business income, qualified REIT dividends or qualified PTP income may qualify for the deduction. In some cases, patrons of horticultural or agricultural cooperatives may be required to reduce their deduction.

Q5. What is a qualified trade or business?

A5. A qualified trade or business is any trade or business, with two exceptions:

1. Specified service trade or business (SSTB), which includes a trade or business involving the performance of services in the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, investing and investment management, trading, dealing in certain assets or any trade or business where the principal asset is the reputation or skill of one or more of its employees. This exception only applies if a taxpayer’s taxable income exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers
    
2. Performing services as an employee

[BreaunnaL]

If you were self-employed or a small business, you probably qualify for the qualified business income (QBI) deduction. We'll automatically determine if you qualify and how large the deduction is.

Here's how to find out if you qualify:

1. Open your return in TurboTax, if you haven't already.
   (To do this, sign in to TurboTax and select Take me to my return.)
2. Select Federal on the left, and then Deductions & Credits near the top.
3. Scroll down and select Wrap up tax breaks.
4. Now proceed through any screens. If you qualify, you’ll see a screen that shows the exact amount of your QBI deduction.

Important: While you can do this search at any time, you'll get the most accurate answer if you've entered all your income and other deductions as the qualified business income deduction is based on several parts of your return. However, we recalculate if you change anything or add more info, and the steps above will always give your current status.

If you’d like to know more about the qualified business income deduction and how it’s calculated, we’ve got more information about it.

https://ttlc.intuit.com/replies/7036528