A single member LLC, will frequently, but not always qualify for the QBI Deduction. Basically, if you meet the below criteria, you would likely qualify for the full QBI
- Taxable income of less than $170,050 if single or $340,100 if Married Filing a Joint return
- Income is not earned as an employee
- Meet the definition and are not specifically excluded from the list of trades on page 2 of instructions for form 8995-A (Most trades and services qualify)
- Operated in the US
As you walk through the steps for the QBI questions, TurboTax will determine if you meet the criteria based on those general questions.
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