I received both a 1099K and 1099NEC as a private business/contractor. Turbotax is asking me is this QBI? I don't get a W2 from these companies, only the before mentioned documents at the end of the year. Does this qualify for QBI?
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Probably.
What is the Qualified Business Income Deduction?
A1. Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components.
Q2. Who may take the section 199A deduction?
A2. Individuals, trusts and estates with qualified business income, qualified REIT dividends or qualified PTP income may qualify for the deduction. In some cases, patrons of horticultural or agricultural cooperatives may be required to reduce their deduction.
Q5. What is a qualified trade or business?
A5. A qualified trade or business is any trade or business, with two exceptions:
Probably.
What is the Qualified Business Income Deduction?
A1. Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components.
Q2. Who may take the section 199A deduction?
A2. Individuals, trusts and estates with qualified business income, qualified REIT dividends or qualified PTP income may qualify for the deduction. In some cases, patrons of horticultural or agricultural cooperatives may be required to reduce their deduction.
Q5. What is a qualified trade or business?
A5. A qualified trade or business is any trade or business, with two exceptions:
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