I have a client who is: a student, 23, a dependent, who earned $10,000 as a subcontractor for his father (1099-misc)
When I go through the QBI worksheet, there is no QBI deduction. Are there restrictions on any o f the above catagories?
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Your client must have taxable income. If there is no TI, there is no QBI.
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Hmmmm? 1= .2xX ----> X = 1/.2 ---> X = 5 So I guess $5 is the magic number to get QBID of $1
In this case What is the taxable income? How does that impact the computation?
Subcontractor for father?
