Question

I’m a realtor and I’ll have a net Schedule C income of about $250,000 this year. I’m married to a self-employed doctor who will have net Schedule C income of about $400,000. We will file a joint return with about $600,000 in taxable income before any section 199A deduction.

Is my Section 199A deduction penalized because I am married to an “out of favor” professional and, if so, what can I do about it?

Answer

The short answer is no: your spouse being a doctor doesn’t rob you of your Section 199A deduction.

But in your present situation:

You do not qualify for the 20 percent Section ... Log in to view full article.