Increased Income Thresholds for 2024 Qualified Business Income Deduction (QBID)

The income threshold for the Qualified Business Income Deduction has increased for tax year 2024. The new thresholds are: 

  • Married filing Joint - $383,900
  • All other filing statuses - $191,950

For tax year 2023, the threshold was:

  • Married filing Joint - $364,200
  • All other filing statuses - $182,100

For tax year 2022, the threshold was:

  • Married Filing Joint -$340,100
  • All other filing statuses - $170,050

For tax year 2021, the threshold was:

  • Married Filing Joint -$329,800
  • Single, Head of Household, Surviving Spouse or Trust/Estate - $164,900
  • Married Filing Separate- $164,925

What form do I use?

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. 

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