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2023Instructions for Form 8995Department of the Treasury Internal Revenue ServiceQualified Business Income Deduction Simplified Computation Section references are to the Internal Revenue Code unless otherwise.
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Patr FAQ
There are three limitations on the qualified business income deduction: an overall limitation (based on modified taxable income), another that applies to high income taxpayers, and a third that applies to certain types of service businesses.
The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income on their taxes. In general, total taxable income in 2023 must be under $182,100 for single filers or $364,200 for joint filers to qualify.
The deduction is available to individuals, trusts and estates, and S corporation owners who have qualified business income from a domestic business operated as a sole proprietorship, partnership, LLC, S corporation, REIT, or farm. Claiming QBI can help business owners keep more of their profits.
Use Form 8995 to figure your qualified business income (QBI) deduction.
Exception 1: If your 2023 taxable income before the QBI deduction is less than or equal to $182,100 if single, head of household, qualifying surviving spouse, or are a trust or estate, or $364,200 if married filing jointly, your SSTB is treated as a qualified trade or business.
The QBI deduction is the lesser of 1 or 2, below: 20% of QBI. (a) 50% of W-2 wages (explained below), or (b) 25% of W-2 wages plus 2.5% of the unadjusted basis of all qualified property (also explained below).
Exception 2: If your taxable income before the QBI deduction is more than $182,100 but not more than $232,100 if single, head of household, qualifying surviving spouse, or are a trust or estate, and is more than $364,200 but not more than $464,200 if married filing jointly, an applicable percentage of your SSTB is ...
The amount of Qualified Business Income on your 8995 is your Profit minus: 1/2 SE tax deduction. Guaranteed payments. Your deduction for SE Health Insurance. Section 199A income. Your SE deduction for contributions to SEP, Simple, or Qualified Retirement Plan.
Aggregated Related content
2023 Instructions for Form 8995
Use Form 8995 to figure your qualified business income (QBI) deduction. Individual...
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