Sec 199a

Forum|Forum|4 years ago
March 9, 2022
1 reply
1 view

Who is eligible to claim the Sec 199a deduction, it reduces rental taxable income by 20%?

JamesG1

Level 15

With the Qualified Business Income Deduction most self-employed taxpayers and small business owners can exclude up to 20% of their qualified business income from federal income tax (but not self-employment tax) whether they itemize or not.

If you were self-employed or a small business, you probably qualify for the qualified business income (QBI) deduction. TurboTax will automatically determine if you qualify and how large the deduction is. Here's how to find out if you qualify:

Open or continue your return.
Select Federal on the left, and then Deductions & Credits near the top.
Scroll down and select Wrap up tax breaks.
Now proceed through any screens. If you qualify, you will see a screen that shows the exact amount of your QBI deduction.

See TurboTax Help.

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