Can you take the QBI deduction?

Owners of pass-through entities may be eligible to deduct up to 20% of their business income. However, those with taxable income over a threshold amount ( in 2022, $340,100 for married taxpayers filing jointly, $170,050 for married taxpayers filing separately, and $170,500 for all other taxpayers), may be limited in their deduction or unable to claim any of it. The Joint Committee on Taxation estimates in Report JCX-14-2022 that for 2022 approximately 22.4 million taxpayers will claim the qualified business income (QBI) deduction representing approximately $188 billion in tax deductions. #IdeaoftheDay