Announcement

Collapse
No announcement yet.

Nice article on QBI 20% deduction from the new tax law

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Nice article on QBI 20% deduction from the new tax law

    https://www.madfientist.com/section-199a/#comment-746628

  • #2



    I spent about three hours reading various blogs and reviews of the tax code by lay people, cpa's, and attorneys but am still confused.

    First, what exactly is included and excluded from taxable income? For some people it seems to apply/not apply based on employees/etc...I am just hoping its simple enough that Turbotax makes it easy.

    Very annoying that we have to deal with even more complexity going forward, but I guess not forever since it goes away 2025 one of the articles said.

    Comment


    • #3
      But it doesn't apply to doctors right? So what's the point?

      Comment


      • #4
        It applies to everyone. Those in a specified service trade or business (including doctors) may get no deduction if taxable income is greater than $415k. Many doctors will get a QBI deduction. Including me.

        Comment


        • #5




          But it doesn’t apply to doctors right? So what’s the point?
          Click to expand...


          re-read the tax code.

          everyone can apply it, but the circumstances change depending on your job description.

          Comment


          • #6
            @Zaphod taxable income means after all other deductions (confirmed by IRS publication). This means you can alter it by charitable givings, more 401k contributions, etc.

            The mass media did a disservice by publishing articles on it before reading the full bill so many still think all doctors are excluded.

            I still feel articles like this make it too complex.

            Biased but I like this summary: https://www.physicianonfire.com/tax-reform-physicians/

            Comment


            • #7




              @zaphod taxable income means after all other deductions (confirmed by IRS publication). This means you can alter it by charitable givings, more 401k contributions, etc.

              The mass media did a disservice by publishing articles on it before reading the full bill so many still think all doctors are excluded.

              I still feel articles like this make it too complex.

              Biased but I like this summary: https://www.physicianonfire.com/tax-reform-physicians/
              Click to expand...


              That ones good and gives me hope, there are just so many different scenarios and different ways to look at it its going to be a bit up in the air until the numbers are punched in.

              Comment


              • #8
                Does it apply to REIT funds?

                Comment


                • #9
                  taxable income should be as simple as form 1040 line 10 (old 1040 line 43)

                  Comment


                  • #10







                    But it doesn’t apply to doctors right? So what’s the point?
                    Click to expand…


                    re-read the tax code.

                    everyone can apply it, but the circumstances change depending on your job description.
                    Click to expand...


                    Correct me if I'm wrong but above a certain income it doesn't matter?

                    Comment


                    • #11










                      But it doesn’t apply to doctors right? So what’s the point?
                      Click to expand…


                      re-read the tax code.

                      everyone can apply it, but the circumstances change depending on your job description.
                      Click to expand…


                      Correct me if I’m wrong but above a certain income it doesn’t matter?
                      Click to expand...


                      Yes, but some hope if you can write off a lot, or if income is higher, massive amounts. I'd love to get it but might be missing out, which is a good thing in a different way I guess.

                      Comment

                      Working...
                      X