Exercise 2-19 (Algorithmic) (LO. 3, 4) Thad, a single taxpayer, has taxable income before the QBI deduction of $195,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2020, his proprietorship generates qualified business income of $156,400, W-2 wages of $117,300, and $11,600 of qualified property Assume the QBI amount is net of the self-employment tax deduction. If required, round any division to two decimal places. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction? 9,853 X Feedback Check My Work With the reduction in the corporate income tax rate to 21 percent in 2018, Congr businesses that operate in different business forms (e.g., sole proprietors, partne with the creation of the deduction for qualified business income ($ 199A), which "qualified business income deduction," one has to understand the definition of a income