My wife worked as Ind. Contractor (1099-MISC) for 3m and was later hired as W2. What should I put as business name, start/end of business and does she qualify for QBI?

I read through the community and online resources and this is what I got - please, correct me if I'm wrong: I should put her name and our home address for the business and she DOES qualify for the QBI (is it correct?). But TurboTax asks me if the business started or ended in that particular year - and I am not sure what should I specify here (since there is no business, just 1099 work) - please, help!

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1 Best answer

Expert Alumni

Jun 3, 2019 10:42:04 AM

First, the income your wife received as an independent contractor, having received income reported on Form 1099-Misc, is considered income from self-employment and is therefore classified as business income that needs to be reported on Schedule C of your return.

Your wife's name will be entered as the business name. The business start date will be the date she first performed the work as an independent contractor and the end date will be the date when she ceased being an independent contractor.

Your research is correct. Self-employed income is qualified business income and does qualify for the QBI (Qualified Business Income Deduction).

Expert Alumni

Jun 3, 2019 10:42:04 AM

Your research is correct. Self-employed income is qualified business income and does qualify for the QBI (Qualified Business Income Deduction).

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My wife worked as Ind. Contractor (1099-MISC) for 3m and was later hired as W2. What should I put as business name, start/end of business and does she qualify for QBI?