TurboTax is asking for this information in order to determine whether to calculate the Section 199A deduction based on any net profit from your business or rental activity.
A qualified trade or business is any section 162 trade or business, with three exceptions:
- A trade or business conducted by a C corporation.
- The trade or business of performing services as an employee.
- For taxpayers with taxable income that exceeds the threshold amount, specified service trades or businesses (SSTBs).
Please see this help article, this IRS FAQ page, and this IRS webpage for more information.
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