Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shellys proprietorship paid $30,000

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Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly’s proprietorship paid $30,000 in W–2 wages and has $20,000 of qualified property. Shelly’s spouse earned $75,900 of wages as an employee, they earned $20,000 of interest income during the year and have no other income or deductions. Shelly and her spouse will file jointly and use the standard deduction. What is their QBI deduction for 2022?

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South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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