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hcset01
New Member

Does royalty income reported on schedule k-1 qualify for the QBI Deduction

 
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DDollar
Expert Alumni

Does royalty income reported on schedule k-1 qualify for the QBI Deduction

Possibly.  Generally, you are allowed a deduction up to 20% of your net qualified business income, and you are also allowed to deduct 20% of qualified PTP (Publicly Traded Partnership) income from your partnership. The partnership should provide the information needed to figure your deduction.  The amount of qualified PTP income should be reported on line 20 of your Form K-1.



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