What is the new 20% Qualified Business Income (QBI) deduction? – TurboTax Support Video

What is the new 20% Qualified Business Income (QBI) deduction? – TurboTax Support Video


The new 20% business deduction, also called the qualified business income deduction, allows most self-employed individuals and small business owners to exclude up to 20% of their business income from federal income tax. Your net business income qualifies for the deduction, which does not include Income generated outside the United States, Investment income, W-2 compensation paid to an S corporation owner, Guaranteed payments to a partner, or income from real estate investment trusts, publicly traded partnerships, and qualified cooperatives If you are self-employed, a sole proprietor, or the owner of an LLC, partnership, or S corporation, you could be eligible. Generally, if your taxable income is below $157,500, you can get the full 20% deduction. And you don’t need to itemize to get it. TurboTax makes taking deductions easy. Answer a few simple questions about your business, and we’ll do the calculations for you. For more answers to your questions, visit TurboTax.com/support

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