I have a question on qualified Business Income passed under the recent Tax Cut and Jobs Act (TCJA).

If one earns around $110,000 in 2018 as an Advisor (IAR) in my own RIA and Insurance Agent with 2 separate, single member LLC’s

The wife and I also have approximately $400,000 in W2 income as pilots. Married filing jointly

Since I’m a single member LLC’s I do not qualify for the considerably lower QBI tax rate. This Financial Services income is being taxed at the much higher W2 rates.

I have been talking to my CPA about this. But he tellsr

My understanding is the QBI is available to two (2) or more member LLCs or other entities like C Corporation.

I could add my wife to the Financial Services LLCs and become a 2 member LLC. The Financial income would be taxed at the much lower QBI rate.

The phaseout of QBI for certain people like lawyers, financial professionals etc is only based on the SERVICES INCOME like lawyer, accountant financial services etc.?

It doesn’t include the W2 income earned as pilots?

Thank you in advance.