Section 199A Deduction for Qualified Business Income

Course Description

Lurking deep within the pages of the TCJA, a temporary deduction, called the Section 199A deduction or QBI deduction, is available for taxable years beginning after December 31, 2017, and before January 1, 2026. This course provides a thorough review of the new regulations.

Learning Objectives:

Upon completion of this course the reader will be able to:

• Identify the components of the 199A deduction
• Define what is not considered "performing services as an employee"
• Recognize when an activity is a Specified Service Trade or Business.
• Recall the requirements for aggregation.
• Calculate carryforward if loss from PTP exceeds both REIT dividends and the taxpayer also has QBI component.
• Indicate how the 199A deduction claimed on the return.
• Apply the W-2 UBIA limitation for a partnership with no W-2 wages and income above the threshold amount.
• Recognize the requirements for the real estate safe-harbor.

Field of Study: Federal Tax
Course Level: Intermediate
Prerequisite: None
Delivery Method: Self-Study
CE Hours: 1
IRS CE: UBWMF-T-00193-19-S
CTEC: 6209-CE-0141
NASBA: 116347

Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one-year deadline.