Tax Law and News TaxProTalk: QBI Deduction and Forms Availability Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Jim Buffington, CPA Modified Jan 29, 2019 1 min read 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. Reference Links Draft of IRS Publication 535 Final Sec. 199A regulations Lacerte® release availability ProSeries® release availability TaxProTalk has a channel on YouTube. Subscribe to be notified about all the TaxProTalk updates. Previous Post Impact of Tax Reform on the Kiddie Tax Next Post February 2019 Tax and Compliance Deadlines Written by Jim Buffington, CPA Jim Buffington, CPA, is an advisory services leader with Intuit® Accountants. He has 20+ years of professional experience in sales management, public accounting, strategic alliances, product marketing, business process design, new business development and strategic planning. Connect with Jim on Twitter @jimatintuit. More from Jim Buffington, CPA 5 responses to “TaxProTalk: QBI Deduction and Forms Availability” when will sch K-1 profit automatically go into QBI form? Please go to the ProConnect Community and Support site to receive support from our customer success specialists. Thanks! https://accountants-community.intuit.com/products/proconnect-help-en-us 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. 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?? 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/ Browse Related Articles Tax Law and News TaxProTalk: QBI Deduction and Safe Harbor for Rental Re… Tax Law and News TaxProTalk: Pub. 535, Tax Planning and Educating Client… Tax Law and News TaxProTalk: Thank You Notes Tax Law and News TaxProTalk: Deductible or Not Deductible? Tax Law and News TaxProTalk, Episode 5 Tax Law and News TaxProTalk, Episode 7 Tax Law and News TaxProTalk: AICPA on tax reform Tax Law and News TaxProTalk, Episode 8 Tax Law and News TaxProTalk: COVID-19 tax relief for TY2019 returns Tax Law and News TaxProTalk, Episode 6
Please go to the ProConnect Community and Support site to receive support from our customer success specialists. Thanks! https://accountants-community.intuit.com/products/proconnect-help-en-us
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.
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??
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/