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cohenmandj
New Member

Can I get QBI credit on payroll that I paid myself on Schedule C? Used a payroll service so I could get health insurance.

Is there a place on the input sheet for calculating QBI to add the payroll back to the allowable income?

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abrown19
New Member

Can I get QBI credit on payroll that I paid myself on Schedule C? Used a payroll service so I could get health insurance.

QBI does not include items such as:

  • Items that are not properly includable in taxable income
  • Investment items such as capital gains or losses or dividends
  • Interest income not properly allocable to a trade or business
  • Wage income
  • Income that is not effectively connected with the conduct of business within the United States
  • Commodities transactions or foreign currency gains or losses
  • Certain dividends and payments in lieu of dividends
  • Income, loss, or deductions from notional principal contracts
  • Annuities, unless received in connection with the trade or business
  • Amounts received as reasonable compensation from an S corporation
  • Amounts received as guaranteed payments from a partnership
  • Payments received by a partner for services other than in a capacity as a partner
  • Qualified REIT dividends
  • PTP income

For more detailed information about QBI deductions, see here: https://www.irs.gov/newsroom/qualified-business-income-deduction

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1 Reply
abrown19
New Member

Can I get QBI credit on payroll that I paid myself on Schedule C? Used a payroll service so I could get health insurance.

QBI does not include items such as:

  • Items that are not properly includable in taxable income
  • Investment items such as capital gains or losses or dividends
  • Interest income not properly allocable to a trade or business
  • Wage income
  • Income that is not effectively connected with the conduct of business within the United States
  • Commodities transactions or foreign currency gains or losses
  • Certain dividends and payments in lieu of dividends
  • Income, loss, or deductions from notional principal contracts
  • Annuities, unless received in connection with the trade or business
  • Amounts received as reasonable compensation from an S corporation
  • Amounts received as guaranteed payments from a partnership
  • Payments received by a partner for services other than in a capacity as a partner
  • Qualified REIT dividends
  • PTP income

For more detailed information about QBI deductions, see here: https://www.irs.gov/newsroom/qualified-business-income-deduction

View solution in original post

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