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mrsjnrussell
New Member

Is there a $62k tax credit for income over $316K? I have heard this is a legit credit but I am unable to locate any info on that.

 
3 Replies
xmasbaby0
Level 15

Is there a $62k tax credit for income over $316K? I have heard this is a legit credit but I am unable to locate any info on that.

What?  Where did you get that information?

 

And...

You are posting from TurboTax Live.  You can arrange for the Live help you are paying the extra fee for with your questions from  5 a.m. to 5 p.m. Pacific time Monday - Friday.

https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
VolvoGirl
Level 15

Is there a $62k tax credit for income over $316K? I have heard this is a legit credit but I am unable to locate any info on that.

You might be thinking of the 20% qbi deduction on your self employment Net Profit.    That's about 20% of 316,000.

Anonymous
Not applicable

Is there a $62k tax credit for income over $316K? I have heard this is a legit credit but I am unable to locate any info on that.

you would have better luck trying finding a US $4 bill.    for certain qualified income there is a 20% Qualified Business I Deduction.    generally applies to trade or business income (including real estate rental which has certain additional rules that must be followed) not wages or investment income also applies to income from publicly traded partnerships and certain REIT dividends.      it's a deduction not a credit. 

and there is a phaseout depending on filing status and taxable income.   

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