Thanks @GeorgeM777
I am over the income cap you mentioned. I think that is why my return amount does not change either I answer yes/no to the question: Is this Qualified Business Income?
My current conclusion based on your answer and @ColeenD3 's answer, I think
- This consulting income is self-employed income and should be in Schedule C
- It is a Qualified Business Income, since it is not an employee's wages and not dividend/interest/CGT
- And yes, the income is from Specified Services list, Consulting in this case
- I did not play an active role in this business since I was not actively working on this work on a year-round basis.
Please let me know if you think the some points above are incorrect based on the information I provided. Thank you.
