177415
You'll need to sign in or create an account to connect with an expert.
If it's Schedule C income, then yes.
This, from the Turbo Tax FAQ on QBI:
What types of businesses does this new deduction apply to?
This new deduction applies to Schedule C filers (sole proprietorships and other self-employed businesses), LLCs, partnerships, S corporations, estates, and trusts. Certain rental enterprises may also qualify. Corporations are not eligible because they received their own tax breaks under the TCJA.
That said, not every eligible business automatically qualifies for the deduction. In particular, some types of service businesses (SSTBs) are disqualified once the taxable income on the return exceeds $207,500 ($415,000 if filing jointly).
Here's the entire article:
If it's Schedule C income, then yes.
This, from the Turbo Tax FAQ on QBI:
What types of businesses does this new deduction apply to?
This new deduction applies to Schedule C filers (sole proprietorships and other self-employed businesses), LLCs, partnerships, S corporations, estates, and trusts. Certain rental enterprises may also qualify. Corporations are not eligible because they received their own tax breaks under the TCJA.
That said, not every eligible business automatically qualifies for the deduction. In particular, some types of service businesses (SSTBs) are disqualified once the taxable income on the return exceeds $207,500 ($415,000 if filing jointly).
Here's the entire article:
My wife is
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
scatkins
Level 2
djpmarconi
Level 1
HNKDZ
Returning Member
kac42
Level 1
rtoler
Returning Member