Tax Cuts and Jobs Acts of 2017: Tax Implications of the new §199A Qualified Business Income Deduction

The Tax Cuts and Jobs Act, passed in December 2017, created a new deduction under §199A. This deduction allows for all non-corporate taxpayers (i.e. individuals, trusts, and estates) to deduct:
  • A maximum of 20% of Qualified Business Income (QBI)
  • PLUS – 20% of Real Estate Investment Trust (REIT) dividends
  • PLUS – Qualified Publicly Traded Partnership (PTP) income

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