Shelly reports $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly's proprietorship paid $30,000 in W–2 wages and owns $20,000 of qualified property. Shelly’s spouse earned $74,000 of wages as an employee, they earned $20,000 of interest income during the year, and they will be filing jointly using the standard deduction.

Required:

What is their QBI deduction for 2018?

Answer rating: 100% (QA)

As per the applicable rules the QBI deduction is limited to 20 of QBI if the total t... View the full answer