From reading the instructions associated with this deduction, it is subject to income limitations, and completely phases-out about $415,000 MFJ taxable income. Is this same limitation applicable to REIT dividends from section 199A or only to the Qualified Business Income (which REIT dividends are not part of)? Turbo Tax is not phasing out/eliminating the deduction based on these income limitations for the REIT dividends, so I am inclined to believe the income limitations do not apply to REIT dividends, but want to confirm because I found the IRS pub 535 instructions lengthy and confusing. Want to be sure Turbo Tax is calculating correctly! Thank you in advance!
