What do they mean when they ask, Is this activity a qualified trade or business under section 199A?
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The business code for a baseball camp is NAICS 611620
The bulleted items below are illustrative examples of this classification.
Source: NAICS
Please read this TurboTax Help topic on Is my business an SSTB?
That didn't really help. It's asking about a baseball camp/clinic that I do for kids each year. I make about $2,000 from it. My fulltime job is in education.
Your baseball camp/clinic would be a qualified trade or business, as it is not a "specified" service trade or business. And even if you indicate that it is an SSTB, you would still qualify for the 20% deduction if your AGI is $157,500 or less if filing single, or $315,000 if Married Filing Joint.
if I click yes I get about $100 more on back on my return. Guess I'll click yes
Yes, you have a profit motive, materially participate and meet the income requirements.
thanks, now I need to figure out what the business code would be for doing a baseball camp.
The business code for a baseball camp is NAICS 611620
The bulleted items below are illustrative examples of this classification.
Source: NAICS
what do they mean by did I "materially" participated in the operation of the business?
A taxpayer materially participates in an activity only if he or she meets any one of the seven material participation tests.
NAICS Link is broken/Database is down
https://classcodes.com/lookup/naics-code-611620/
You can use this link for NAICS code list if you need it.
My wife essentially sells Optavia food/diet products. We received a 1099-NEC. She "sold under $3500 worth of stuff.
Is this a qualified business income?
Yes, that industry qualifies for the qbi deduction. It is not an SSTB, so there is no income limitation.
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