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Qualified Business Income Deduction

rtl6836
Level 1

Does a physician who's self employment income is $150,914 and taxable income (MFJ) is $200,749 qualify for the Business Income Deduction?

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IRonMaN
Level 15

They are subject to income limitations, but otherwise qualify.

Anna - just thought I would freshen things up a little.


Slava Ukraini!

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4 Comments 4
IRonMaN
Level 15

What happens when you try to take the deduction?


Slava Ukraini!
abctax55
Level 15

Jeff, what happened to the extra 1.38" (or whatever it was...) you were previously advising for safety?

"*******Tax software is no substitute for a professional tax preparer*******
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rtl6836
Level 1

It will let me take the deduction, but I thought income from a specified service trade or business did not qualify.  I have since learned that they may qualify based on the phase in rules.  Is that correct?

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IRonMaN
Level 15

They are subject to income limitations, but otherwise qualify.

Anna - just thought I would freshen things up a little.


Slava Ukraini!