Description:

This book is for preparing 2024 taxes. Many sole proprietorships, partners, S corporation shareholders, along with some trusts and estates may be eligible for the qualified business income (QBI) deduction. The QBI deduction allows taxpayers to deduct up to 20% of their QBI, qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income as an above-the-line deduction when calculating their taxable income. This course explains how to calculate the QBI deduction for an individual and addresses if and when a rental activity rises to the level of a trade or business for purposes of the QBI deduction.

Topics include:

• Identifying which taxpayers are eligible for the QBI deduction
• Calculating QBI and the QBI deduction
• Summarizing the QBI reporting requirements for pass-through entities

Product Details:

Item Number: 24372

Level: Intermediate

Authors: NATP Staff

Published: 2024

Format: Print - 104 pages

Nonmembers – Join Now, Save More!

Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2024 course.