Mon - Fri 10:00-18:00 +1-469-213-1519
Click here for Tax Deadline

In 2018, I am single and will file taxes with taxable income over $207,500. I am NOT eligible for an SSTB. Am I eligible for the deduction?

Date of Posting : June 30, 2020

You are eligible for the deduction if you have Qualified Business Income, qualified REIT dividends, or qualified PTP income. All eligible taxpayers with total taxable income in 2018 over $207,500 ($415,000 in case of a married couple filing taxes jointly), the QBI deduction may be limited by the amount of W-2 wages given by the qualified trade or business and the UBIA of qualified property owned by the trade or business. You can get more information on these limitations from the proposed rules. The IRS has issued a notice of proposed revenue procedure giving information on methods for calculating W-2 wages for the restriction.