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The QBI deduction is generally available to eligible taxpayers with 2018 taxable income at or below $315,000 for joint returns and $157,500 for other filers. (Photo: iStock) The QBI deduction is generally available to eligible taxpayers with 2018 taxable income at or below $315,000 for joint returns and $157,500 for other filers. (Photo: iStock)

On Jan. 18, 2019, the Treasury Department and the IRS issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).

The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act, allows owners of sole proprietorships, partnerships, S corporations, trusts or estates to deduct up to 20% of their qualified business income. Eligible taxpayers can also deduct up to 20% of their qualified real estate investment trust dividends and publicly traded partnership income.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected]

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