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Received 1099NEC for a bonus paid by FL for being First Responder. After entering bonus, it says I qualify for QBI deduction. I'm not self-employed. Is this correct?
This payment was a one time bonus for First Responders in the state of Florida for $1338.77. I expected to have more taxes to pay on the bonus, but Turbo Tax now says I qualify for the QBI deduction which greatly reduced the taxes (by $249) I owe on the bonus. I'm not sure how I qualify for a business deduction when I am not self-employed. I've searched a couple articles but I can't find anything reassuring because everything seems so vague. (I received my normal W2 from my employer.) I'm all for a lower tax bill, but only if its correct.
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‎February 6, 2024
11:27 PM