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QBI Deduction for first time as church musician side work
Hi!
I am paid to play music at my church and received a 1099-NEC, instead of the 1099-MISC as in prior years. I noticed I am being prompted to go through more questions for the schedule C this year and it is giving me the QBI deduction. I was paid $3K in 2023 as part of the musician side gig.
I don't mind the extra deduction but want to make sure I don't get the IRS on me over $500. This would be the first year it is prompting me to take advantage of this, I have had this same income for the previous 2 years. Not sure if it is due to this being the first year our household moved out of the standard deduction range.
March 5, 2024
7:20 PM