I read IRS Issues Final Section 199A Regulations and Defines QBI.
Could you explain in more depth how the Section 199A qualified business income (QBI) calculation works with a general partner who has guaranteed payments for both (a) services and (b) health insurance premium payments?
Yes. We’ll first walk through an example to demonstrate how you’d compute QBI for a partner in this situation.
And then we’ll throw in some tax planning ideas for how to increase the QBI so you, the partner, can get a bigger deduction. ... Log in to view full article.