QBID Flashcards
1
Q
What is QBID
A
Owners of pass-through entities can deduct up to 20% of Qualified business income on their taxes
2
Q
Who/what qualifies for QBID
A
Sole prop / Partnerships / LLC / S Corp
3
Q
Who does not qualify for QBID
A
SSTB - Specified service trade or business
- lawyers
- doctors
- consultants
- accountants
- athletes
- financial advisors
- performers
- investment managers
4
Q
Limits for QBID
A
Single - 157K - 207K
MFJ - 315K - 415K
5
Q
Can you deduct some if you are a SSTB
A
Can deduct if your taxable income is less than $150 and QBI is less than 75K
Partial deduction - if Taxable income is less than $400K and QBI is 75K
Phased out - Taxable income is $575K and QBI 75K
6
Q
What if you have multiple pass-through entities
A
QBI is calculated separately for each and then combined
7
Q
Can you include REIT Income
A
yes - 20%
8
Q
Can you include publically traded partnerships
A
yes - 20%
