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Self employed
Your work is qualified business income (QBI) and the payments are not considered wages since they were not reported on a W2. You are eligible for the 20% QBI deduction from your business income.
Here is an extract from the Congressional Research discussion on the Qualified Business Income Deduction.
"The IRC Section 199A deduction applies to most business activities. An activity [ is a qualified business] if it is conducted with “continuity, regularity, and the intent of earning a profit. Such an activity can be performed on a full-time or part-time basis."
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March 18, 2024
1:43 PM
2,095 Views