Thanks for the responses. My final thoughts and comments:
- There was a response related to Section 457. That clearly doesn't apply.
- You indicate that you qualified before
- I don't claim to fully understand the "employer-employee" relationship that goes on in these type of organizations.
- I'm assuming in the past you also received a 1099 of some sort depending on the year received (since the actual form type changed recently).
- I would just input the amount reported on the 1099-NEC in the same place you reported it in prior years.
- I also assume in past years you indicated that you were a specified service trade or business (SSTB)
- I also agree that had you received this in prior years, it would have qualified within the income limitations of bullet 4.
- However, now you no longer have a trade or business, which obviously is a requirement of Section 199A
- I don't mind gray areas if I believe I can support it, but I don't think I could in this case. I do have to qualify that statement; I haven't spent significant time researching this. Having said that, this is a fairly new deduction and not sure how much there is out there on the interplay of QBI and NQDC in your scenario.
- Based on bullet 5, I don't think you qualify.
- You will need to indicate somewhere in TT that the income does not qualify. This assumes you take that position.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
