Determine QBI using Form 8995 for a 2020 1040 tax filing given the following information: Daniels Consulting had 13,650 of business income on Schedule C, and 1,929 of self-employment taxes on Schedule SE. Taxable income before QBI deduction is 88,841 and net capital gain is 400. Assume no carry forward, no REIT dividends and PTP income or loss.

Answer rating: 100% (QA)

Step1 Qualified Business Income or QB is the net amount of qualif... View the full answer