Married taxpayers who file a joint return and have taxable income of less than $321,401 may be
Fantastic news! We've Found the answer you've been seeking!
Question:
Married taxpayers who file a joint return and have taxable income of less than $321,401 may be eligible to deduct 20% of their qualified business income. However, their deduction could be subject to a limitation based on:
Ordinary taxable income (taxable income before any QBI deduction, minus net capital gains and qualified dividends.)
Phase-in rules.
Phaseout rules.
The amount of their taxable income from Form 1040, line 11b.
Related Book For
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Posted Date: