TaxProTalk: QBI Deduction and Forms Availability

Tax Law and News

In this episode of TaxProTalk, Tony and Jim discuss details of the Qualified Business Income updates after the IRS issued final regulations covering rental real estate and backing out adjustments to income, and calculating QBI in the simple and complex worksheets. They also discuss the latest on forms availability and an exciting update about the new 1040 form, based on customer feedback.

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      1. Got it now. For the benefit of others, make sure Enter line 17 on k-1 with a code V, and optionally W and X. Then that V amount will go into qbi.

  1. It sounds to me that, as long as your income is under the limitations, $315k married/joint for example, the SSTB doesn’t apply, as the full QBI deduction can be taken??

    1. The section 199A deduction does not apply to specified service trades or businesses (SSTB) when taxable income is above $415,000 for joint filers and $207,500 for other filers and is partially allowed when taxable income is between $315,000-415,000 for joint filers and between $157,500-207,500 for other filers. Individuals with taxable income below these threshold levels are not subject to the limitations. You can find more about the SSTB exclusion here: https://proconnect.intuit.com/taxprocenter/tax-law-and-news/professional-services-guidance-for-the-qbi-deduction-helps-define-specified-services/

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