what about if my joint income is over $600K, would this mean I would not be able to take any deductions:
https://quickbooks.intuit.com/r/taxes/8-details-you-need-to-know-about-for-the-199a-deduction/
What is the Section 199A deduction?
Section 199A is a qualified business income (QBI) deduction. With this deduction, selecting types of domestic businesses can deduct roughly 20% of their QBI, along with 20% of their publicly traded partnership income (PTP) and real estate investment trust (REIT) income. The deduction is limited to 20% of taxable income, less net capital gains. Net capital gains refers to (capital gains less capital losses).
But, this deduction isn’t for everyone. There are income limitations as well as business limitations. First off, you need to file a joint return with no more than $315,000 in taxable income or a single return with a cap of $157,500 in taxable income for the tax year. According to the IRS provision for Section 199A, the deduction is gradually phased out for joint return taxable income between $315,000 and $415,000. For other filers, the deduction is phased out for returns with taxable income between $157,500 and $207,500.
Businesses must also be domestic, meaning located within and taxed by the United States. And, businesses must be a sole proprietorship, partnership, S corporation, trust or estate to qualify.
and I am a consulting type S Corp which does not, so do I NOT qualify for any deduction?
