I am self employed and have questions regarding QBI.

bailey53- — Sat, 01 Jun 2019 15:40:17 GMT

representative

If you have self employment income that is reported on yo...

JulieCo — Sat, 01 Jun 2019 15:40:19 GMT

If you have self employment income that is reported on your tax return via a K-1 or Schedules C, E (not all rental activity qualifies), or F, and the income is qualified business income, then you are eligible for the Qualified Business Income deduction to be reflected on your return. The QBI deduction is reported on line 9 of the 1040 form.

Per the IRS, qualified business income is defined as:

Your qualified business income includes items of income, gain, deduction, and loss from your trades or businesses that are effectively connected with the conduct of a trade or business within the Unites States. This includes income from partnerships (other than PTPs), S corporations, sole proprietorships, and certain trusts that are included or allowed in determining your taxable income for the year. It also includes other deductions attributable to the trade or business including, but not limited to, deductible tax on self-employment income, self-employed health insurance, and contributions to qualified retirement plans. https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

You can also see more information about the QBI deduction, including examples of how it is calculated, in the FAQ below:

https://ttlc.intuit.com/replies/7019998

topic I am self employed and have questions regarding QBI. in Business & farm

I am self employed and have questions regarding QBI.

If you have self employment income that is reported on yo...