Section 199A Deduction for Qualified Business Income
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.
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
Delivery Method: Self-Study
CE Hours: 1
IRS CE: UBWMF-T-00199-21-S
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.
Last Modified: 08/03/2020