The income threshold for the Qualified Business Income Deduction has increased for tax year 2020. The new thresholds are:
- Married Filing Joint -$326,600
- All other filing statuses - $163,300
If your income is above the threshold, or you have a 1099-PATR, the deduction will be calculated on form 8995-A. If your income is below the threshold, Form 8995 will be used.