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The details are hazy, and the final outcome is uncertain, but the Internal Revenue Service may make the new, 20% “pass-through deduction” more generous for insurance agents who sell products such as life insurance, disability insurance, voluntary benefits and property-casualty insurance than for financial professionals who classify themselves as “ wealth planners” or “retirement planners.”
IRS officials have raised that possibility in a new draft of proposed regulations for part of the new Tax Cuts and Jobs Act, the “qualified business income” (QBI) deduction provision.
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Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected]or on Twitter at @Think_Allison.
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