I have a small amount of Consulting income (1099-MISC) relative to total income. My business is an SSTB so I should not qualify for a deduction. How do I enter that my consulting business is an SSTB
You'll need to sign in or create an account to connect with an expert.
When you add the word consulting as your job. You do, however, qualify.
Q7. I have income from a specified service trade or business. How does that affect my deduction?
A7. The SSTB limitation does not apply to any taxpayer whose taxable income is below the $315,000/$157,500 threshold amounts. For taxpayers whose taxable income is within the phase-in range discussed in Q&A #6, the taxpayer’s share of QBI, W-2 wages and UBIA of qualified property related to the SSTB may be limited. If the taxpayer’s taxable income exceeds the phase-in range, no deduction is allowed with respect to any SSTB. The threshold amounts and phase-in range are for tax year 2018 and will be adjusted for inflation in subsequent years.
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.
user17649953619
New Member
tajohn20
New Member
lynnegrunwald
New Member
esimmons5
New Member
prherr
Level 2