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Level 1
December 7, 2019
Solved

Is there a minimum income for QBI?

  • December 7, 2019
  • 3 replies
  • 11 views

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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Best answer by garman22

Your client must have taxable income. If there is no TI, there is no QBI.

3 replies

garman22Intuit Community ChampionAnswer
Intuit Community Champion
December 7, 2019

Your client must have taxable income. If there is no TI, there is no QBI.

George4Tacks
Level 15
December 7, 2019

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?

Answers are easy. Questions are hard!
IRonMaN
Level 15
December 7, 2019

Subcontractor for father? 

Slava Ukraini!
George4Tacks
Level 15
December 7, 2019
Why not? Herkamer & Daughters hires all the sons as subcontractors.
Answers are easy. Questions are hard!