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If this is an investment and not a Service, Trade, or Business that you engage in, the Royalty Income from an oil refinery does not qualify for QBI.
Income eligible for QBI does not include items such as:
The Qualified Business Income (QBI) deduction, applies to Schedule C filers (sole proprietorships and other self-employed businesses), LLCs, partnerships, S corporations, estates, and trusts. Certain rental enterprises may also qualify. Corporations are not eligible because they received their own tax breaks under the TCJA.
When you enter your 1099-MISC, enter the income in Box 2 - Royalties. On the following screen, choose the source of your royalty income:
Once you've selected the proper classification, follow the onscreen instructions.
Just for clarification I choose Box 2, “Investment income from property you own ” and say not to QBI? Thank you.
If this is an investment and not a Service, Trade, or Business that you engage in, the Royalty Income from an oil refinery does not qualify for QBI.
Income eligible for QBI does not include items such as:
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