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Deductions & credits
You may qualify for the Qualified Business Income Deduction. Even side income sources may qualify for the deduction. Answer the questions that TurboTax poses to see whether you qualify.
This IRS FAQ states:
Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A deduction. Some trusts and estates may also claim the deduction directly.
The deduction allows them to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.
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‎April 11, 2022
3:38 PM