As stated above, you will want to review Form 8995 in your return. The QBI deduction is a complicated calculation and is subject to limitations and exceptions. For all taxpayers, the QBI deduction cannot exceed 20 percent of taxable income, excluding net long-term capital gains and qualified dividends.
However, there are two additional limitations on QBI: (1) wage limitation, (2) specified service business limitation. These limitations apply if taxpayers have income above $383,900 for married filing jointly and $191,950 for all other taxpayers in tax year 2024.
What is the Qualified Business Income (QBI) deduction?
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