An individual in a “specified services” business, such as accounting, with taxable income over the threshold...
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 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.
Homework Answers
Answer for this question is e.
Reason: Accounting is considered as Specified Service trade or business (Known As SSTB) and when taxable income exceeds the threshold limit of $207,500 or $415,000 if married filing jointly) will lose all the QBI deductions.
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