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Qualified Business Income Deduction

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Level 1
last updated ‎May 06, 2020 10:12 AM

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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Level 15
last updated ‎May 06, 2020 10:12 AM

They are subject to income limitations, but otherwise qualify.

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

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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Level 15
last updated ‎May 06, 2020 10:12 AM

What happens when you try to take the deduction?

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
last updated ‎May 06, 2020 10:12 AM

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

Former Chump... umm.... AllStar.
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Highlighted
Level 1
last updated ‎May 06, 2020 10:12 AM

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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Highlighted
Level 15
last updated ‎May 06, 2020 10:12 AM

They are subject to income limitations, but otherwise qualify.

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

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post