Pass-Through Business Deduction  #496724

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Course Description
Course publication/revision date: This course was updated on 3/19/2024.

The Tax Cuts and Jobs Act (P.L. 115-97), enacted Dec. 22, 2017, created, under §199A,  a new deduction for up to 20% of qualified business income (QBI) from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships for tax years beginning after Dec. 31, 2017. However, determining the §199A deduction amount and availability is a very complex multi-step process that may phase out some or all of the deduction.

In the face of this complexity, the text provides a selected overview of the basic components of this below-the-line deduction. Qualified business income, taxpayer's taxable income, wage/capital limit, specified services trade or businesses, and other key components are not only defined and calculated but their interaction is demonstrated and exampled.

Course, Credit, Reporting, Sponsor Information  
(See above: Course Details, Learning Objectives, Table of Contents)
Reporting: CFP Board and IRS CE credits are reported weekly, if applicable.

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