Investment adviser qualify for pass-through status

[GWE1925]

Does a sole proprietor investment adviser qualify for pass-through status and its 20% deduction in qualified business income?  I'm under the taxable income threshold.

[IsabellaG]

Yes, as a sole proprietor you would qualify for the new 20% Qualified Business Income Deduction. As an investment adviser, your business would be considered a specified service trade or business (SSTB). If your total taxable income is under $157,500 ($315,000 if filing jointly), the limits on the deduction will not apply.

[JayHo]

I have a single shareholder S cor[.  I am trying to pass through shareholder distributions as ordinary income and cannot get the Premier to accept the 17c figure from my K1 as income.  It completely ignores it. This is income that is taxable.  What gives?

[tagteam · Accepted solution]

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@JayHo wrote:

I am trying to pass through shareholder distributions as ordinary income and cannot get the Premier to accept the 17c figure from my K1 as income. 

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You are going to have to provide additional details.

Line 17 with a C code on a K-1 from an 1120-S (S corporation return) is for qualified rehabilitation expenditures.