QBI deduction (20%) with Specified service trade or business (SSTB)

[sam992116]

People with SSTB can deduct 20% QBI (section 199A).

What kind of income for traders (with TTS) qualify as QBI deduction? which line on 1040 or which Sch? Sch D net income or Sch 4797 net income?

What are phase out income limit for QBI deduction for year 2022 and 2023?

For Traders who want to to deduct 20% of QBI

Do trader need to have only TTS or

Traders need to have both TTS (Sch C election, Box B) and timely filing of 475 f as well and all losses and gains on form 4797?

Question I am trying to understand is for a Trader to claim in a business of SSTB, do they have to have only Trader Tax Status or Trader Tax status with 475f election?

[ShirlynW]

This TurboTax "Help Article" addresses your questions.