I am itemizing home office expenses and received a 1099-MISC for work as an independent contractor for a website.
You'll need to sign in or create an account to connect with an expert.
Yes, Sole Proprietors can qualify for QBI. Work as a Sole Proprietor, or a contractor, is considered Qualified Business income (as long as it is not derived from a Foreign Source). How much QBI will calculate on your return will depend on a number of other factors, however. (It is a very complicated formula).
To help you understand what you may be entitled to claim, please see the following FAQ: What is the Qualified Business Income (QBI) deduction?
[Edited 4/11/2020 to improve link]
Yes, Sole Proprietors can qualify for QBI. Work as a Sole Proprietor, or a contractor, is considered Qualified Business income (as long as it is not derived from a Foreign Source). How much QBI will calculate on your return will depend on a number of other factors, however. (It is a very complicated formula).
To help you understand what you may be entitled to claim, please see the following FAQ: What is the Qualified Business Income (QBI) deduction?
[Edited 4/11/2020 to improve link]
Thank you for the concise answer! 🙂
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
psychopengy
Level 2
bobbyhavana
New Member
Imbeau
Level 1
Askaway
Level 1
DX-hound
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.