- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
If it's Schedule C income, then yes.
This, from the Turbo Tax FAQ on QBI:
What types of businesses does this new deduction apply to?
This new deduction applies to Schedule C filers (sole proprietorships and other self-employed businesses), LLCs, partnerships, S corporations, estates, and trusts. Certain rental enterprises may also qualify. Corporations are not eligible because they received their own tax breaks under the TCJA.
That said, not every eligible business automatically qualifies for the deduction. In particular, some types of service businesses (SSTBs) are disqualified once the taxable income on the return exceeds $207,500 ($415,000 if filing jointly).
Here's the entire article:
‎June 1, 2019
8:53 AM