Is single-member LLC always qualified to use QBI deduction?

manbeing · ‎March 15, 2023

which criteria should single member LLC meet to QBI deduction?

Turbotax's statement is very general:

Vanessa A · ‎March 15, 2023

A single member LLC, will frequently, but not always qualify for the QBI Deduction. Basically, if you meet the below criteria, you would likely qualify for the full QBI

Taxable income of less than $170,050 if single or $340,100 if Married Filing a Joint return
Income is not earned as an employee
Meet the definition and are not specifically excluded from the list of trades on page 2 of instructions for form 8995-A (Most trades and services qualify)
Operated in the US

As you walk through the steps for the QBI questions, TurboTax will determine if you meet the criteria based on those general questions.

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View solution in original post

Vanessa A · ‎March 15, 2023

A single member LLC, will frequently, but not always qualify for the QBI Deduction. Basically, if you meet the below criteria, you would likely qualify for the full QBI

Taxable income of less than $170,050 if single or $340,100 if Married Filing a Joint return
Income is not earned as an employee
Meet the definition and are not specifically excluded from the list of trades on page 2 of instructions for form 8995-A (Most trades and services qualify)
Operated in the US

As you walk through the steps for the QBI questions, TurboTax will determine if you meet the criteria based on those general questions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Is single-member LLC always qualified to use QBI deduction?