An individual in a specified services business, such as accounting, with taxable income over the threshold amounts
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Question:
An individual in a “specified services” business, such as accounting, with taxable income over the threshold amounts ($207,500, or $415,000 if married filing jointly), will not lose any of the QBI deduction on that income if:
a. Taxable income exceeds the thresholds due to the income of a spouse.
b. Taxable income did not exceed the thresholds in the prior three years.
c. Taxable income exceeds the thresholds because of net capital gain income.
d. The taxpayer is a sole proprietor.
e. None of the above will prevent the loss of some or all of the deduction.
Related Book For
Taxation for Decision Makers 2014
ISBN: 9781118654545
6th edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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