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I am an online entertainer (online domme) and selected the NAICS code 711510 for " "independent artists, writers, performers".
I wanted to be discreet so I selected my work as "online content creator" and then selected"online publishing" (Turbotax makes me choose a selection and "online publishing" seems the closest).
However, afterwards it's giving me the QBI deduction of 22,135 even though I am a SSTB. Is this accurate? know the IRS states a taxable income threshold of $164,900 income for single filers. After expenses and SEP contributions I'm at 120k.
I am asking because before it was not giving me the SSTB deduction and after I changed the type of business that I have, it gave me the deduction.
1. I want to select the question again to make sure that I selected the right type of business. How do I do that?
2. Does the deduction amount seem right even though I am not a qualified business?
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I have a feeling that selecting "online publishing" just automatically selects my business as a "qualified business", which I am not. Is that what the issue is?
Also, I see where the "qualified business income" section is now... but I'm not a qualified business and it does not let me select otherwise.
You can go to the Business Summary page to Edit the details.
The specified service trade or business (SSTB) classification doesn’t come into play as long as total taxable income is under $164,900 ($329,800 if filing jointly). At higher income levels, the deduction for SSTBs is reduced and in some cases, eliminated.
It is not simple to change.
(1) Select the Business tab
(2) Under the first section Business Income and Expenses, choose Update
(3) Your business name should be in a list, select Edit
(4) At the bottom of the next page, ignore all the sections and select "Continue"
(5) THEN it will start asking you questions about qualified income, including SSTB.
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Raph
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