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noleken
New Member

Why is my return indicating a qualified business income deduction, I am not self employed?

 
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Accepted Solutions
ToddL99
Expert Alumni

Why is my return indicating a qualified business income deduction, I am not self employed?

You may have other Qualified Business Income that you are unaware of.

 

The Qualified Business Income Deduction applies to more than just self-employment income - you can also claim it for qualifying income of partnerships, S corporations and some trusts and estates, as well as qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

 

 

Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called Section 199A – for tax years beginning after December 31, 2017. The deduction allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. Income earned through a C corporation or by providing services as an employee is not eligible for the deduction.

 

See Qualified Business Income Deduction for additional information.

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ToddL99
Expert Alumni

Why is my return indicating a qualified business income deduction, I am not self employed?

You may have other Qualified Business Income that you are unaware of.

 

The Qualified Business Income Deduction applies to more than just self-employment income - you can also claim it for qualifying income of partnerships, S corporations and some trusts and estates, as well as qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

 

 

Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called Section 199A – for tax years beginning after December 31, 2017. The deduction allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. Income earned through a C corporation or by providing services as an employee is not eligible for the deduction.

 

See Qualified Business Income Deduction for additional information.

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