Qualified Budsiness Income for Tax Preparers?

[TAXNJ]

I have been researching whether we, as tax preparers, can claim the QBI deduction. The taxbook is silent on the matter, as are Lambers, PUB 17 and 1040 instructions. The master tax guide seems to say we are not eligible: code section 162(901). Any comment or suggestions??

Similar TTB Post

See TTB 2-2-19 post - reply poster ttbtaxes suggest looking at Reg. 1.199A-5(b)(2)(iv):

https://forum.thetaxbook.com/forum/d...nrolled-agents

[sdarave]

Thank you KBTS. I think what I'm getting hung up on is the wording from the MTG 980P "the QBI deduction is not allowed for any SSTB that is a trade or business that involves the performance of: blah blah blah--"or any trade or business whose principal asset ios the reputation or skill of one or more of its employe/owners" or--blah blah blah......
All that being said, I can see that you are correct on threshold amount and there I will hang my hat! Thank you!

[New York Enrolled Agent]

With all due respect, if you are a tax preparer who charges a fee, then you should have taken some CE on this. Have you heard of the threshold amount?

[KBTS]

The Specified Service Trade or Business limitations only come into play once your income is over the $315,000 MFJ / $157,500 All Others threshold. If you are over the $415,000/$207,500 limit, then a SSTB gets is no QBI deduction. If you are within the phase-in range between these amounts, then you need to apply the various limitations described on page 8-16 and 8-17 of TTB.

[sdarave]

KBTS, what overrides the SSTB then?

[KBTS]

Yes, tax preparers are eligible for the QBI deduction, but are considered a SSTB. Perhaps that is the reason for the confusion.

[sdarave]

MTG :980P. I'm looking at the qualified trade or business...gosh I hope you're right!!

[Anarchrist]

Yes we're eligible. What paragraph of the MTG says we're not?

[sdarave]

I have been researching whether we, as tax preparers, can claim the QBI deduction. The taxbook is silent on the matter, as are Lambers, PUB 17 and 1040 instructions. The master tax guide seems to say we are not eligible: code section 162(901). Any comment or suggestions??