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Sam8
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I need to understand why I suddenly have Qualified Business Income if I do not own a business.

 
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‎June 3, 2019 10:41 AM
last updated ‎June 03, 2019 10:41 AM
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maglib
Level 11
Level 11

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.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.

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‎June 3, 2019 10:41 AM
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maglib
Level 11
Level 11

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.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
‎June 3, 2019 10:41 AM
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Sam8
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?
‎June 3, 2019 10:41 AM
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maglib
Level 11
Level 11

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?
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
‎June 3, 2019 10:41 AM
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Sam8
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?  
‎June 3, 2019 10:41 AM
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maglib
Level 11
Level 11

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
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
‎June 3, 2019 10:41 AM
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