Insurance Sales Qbi Deduction
The qualified business income qbi deduction is a tax deduction for pass through entities.
Insurance sales qbi deduction. If your taxable income before the qbi deduction isn t more than 157 500 315 000 if married filing jointly your specified service trade or business is a qualified trade or business and thus may generate income eligible for the qbi deduction. One major provision of the law known as the tax cuts and jobs act tcja p l. The qbi deduction is generally available to eligible taxpayers with 2018 taxable income at or below 315 000 for joint returns and 157 500 for other filers. The irs says it generally will exclude sales of commission based insurance policies when deciding whether a business owner can qualify for a new qualified business income deduction.
However an owner or shareholder of a specified service trade or business with annual taxable income between 315 000 415 000 joint and 157 500 207 500 single will slowly see the deduction phased out and those above 415 000 joint and 207 500 single will be prohibited from utilizing the new deduction. While profits from the financial planning securities brokerage investment advice business es will be potentially ineligible for the qbi deduction once the owner s taxable income exceeds 207 500 or 415 000 if married and filing a joint return profits from the insurance business may still eligible for the deduction as a non sstb though. 199a the deduction generally provides owners shareholders or partners a 20 deduction on their personal tax returns on their qualified business income qbi. I m trying to o address the issue of whether qbi includes statutory employees as well specifically insurance sales persons that receive a form w 2 with the statutory employee box checked and report this income along with their associated expenses on schedule c.
Steve you mention that this article also applies to insurance agents as well. The strategy of separating out qbi eligible insurance business from non qbi eligible brokerage commissions and advisory fees is complicated by the fact that in recent proposed regulations on the qbi deduction the irs declared that single businesses with multiple business lines and total revenues under 25 million the entire business is.
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