Insurance Sales Qbi Deduction
Learn if your business qualifies for the qbi deduction of up to 20.
Insurance sales qbi deduction. 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. A s deduction is equal to the lesser of 20 000 20 of qbi of 100 000 or 13 400 20 of the excess of taxable income 74 000 over net capital gain 7 000. One major provision of the law known as the tax cuts and jobs act tcja p l. 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.
115 97 is a new tax deduction for passthrough entities s corporations partnerships and sole proprietorships under sec. 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. 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. The qualified business income qbi deduction is a tax deduction for pass through entities.
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. 199a the deduction generally provides owners shareholders or partners a 20 deduction on their personal tax returns on their qualified business income qbi.
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