What is the 20% Qualified Business Income (QBI) deduction? – TurboTax Support Video

What is the 20% Qualified Business Income (QBI) deduction? – TurboTax Support Video


The 20% business deduction also called
the Qualified Business Income deduction or QBI deduction, allows most
self-employed individuals and small business owners to exclude up to 20% of
their business income from federal income tax. Your net business income
qualifies for the deduction which does not include income generated outside the
United States, investment income, W2 compensation paid to an S corporation owner, guaranteed payments to a partner, or income from real estate investment
trusts, publicly traded partnerships and qualified cooperatives. If you’re self-employed, a sole proprietor, or the owner of an LLC partnership for S
corporation you could be eligible. Generally if your taxable income is below $157,500 you get the full 20
percent deduction and you don’t need to itemize to get it. TurboTax makes taking
deductions easy. Answer a few simple questions about your business and we’ll
do the calculations for you. For more answers to your questions visit
turbotax.com/support.

2 thoughts on “What is the 20% Qualified Business Income (QBI) deduction? – TurboTax Support Video

  1. Turbotax website NOT WORKING.

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