I am self employed is the profit considered pay for a statutory employee pay? is it considered QBI? ive never seen this before

[Coleen3]

Are you a statutory employee or self employed?

[dmosjs]

self employed

[dmosjs]

self employed

[dmosjs]

also is QBI new for 2018

[dmosjs]

also is QBI new for 2018

[Coleen3]

Yes. QBI is part of 2018 TCJA. It is based on the profit of your Schedule C.

Q4. What is qualified business income (QBI)?

A4. QBI is the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business. Only items included in taxable income are counted. In addition, the items must be effectively connected with a U.S. trade or business. Items such as capital gains and losses, certain dividends and interest income are excluded.