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In 2018, I will file for income tax with taxable income under $315,000 jointly. Do I still need to calculate if I am come under SSTB to become eligible for the deduction? Is there any restriction on my deduction?

Date of Posting : June 22, 2020

No, if your 2018 taxable income is less than $315,000 and you are filing your taxes jointly, you are eligible for deduction irrespective of your business type. You will qualify for deduction lesser of:

20% of your Qualified Business Income and 20 % of your qualified REIT dividends and qualified PTP income, or

20% of your taxable income subtracting net capital gains.