I have a client who is an attorney. He receives a K-1 from his firm. Can he take the qualified business income deduction. K-1 income is north of $530k
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If the QBI is from law practice, it would not meet the exception for SSTB since your client's taxable income is above the threshold.
The reason it's flowing through is probably because you didn't check the box that the ToB is an SSTB.
Still an AllStar
'.... since other expenses are coming off the K-1."
Could you explain what you mean by this?
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