Question

Why do I have a business income deduction when I do not have a business?

Forum|Forum|1 year ago
March 10, 2025
1 reply
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My Tax recap lists $12.oo business income deduction. By husband and I are both retired and no longer have our businesses .

T

ThomasM125

You may be referring to a qualified business income deduction (QBI). That would apply to business income, but the income could come from a reporting on a Schedule K-1 or similar form or schedule you may have if you own shares in a partnership or corporation, though an investment you may have.

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