Question: H and W file a joint return for 2 0 2 4 . Their modified taxable income for the year ( before the QBI deduction

H and W file a joint return for 2024. Their modified taxable income for the year (before the QBI deduction) is $500,000, and Hs QBI from a restaurant he owns and runs as a sole proprietor is $400,000. During the year H Paid $150,000 in W-2 wages. The basis of the building he owns within which the restaurant to situated is $500,000. What is H and Ws QBI deduction for 2024?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Rob and Kurt are married. They file a joint tax return for 2023 on which they report taxable income before the QBI deduction of $300,000. Rob operates a sole proprietorship and Kurt is a partner in...

Q:

[4 Questions each 4 points]Please show all your detail steps to calculate the answer(s) of each question.If you just show the answer(s) to each question without showing detail steps, you will NOT...

Q:

can someone please check if my answer is correct? Retum Preparadon suomalu. N o 103 A. Only income reported on Form 1099- MISC and Form 1099-K from the ride share company 10. What income must Ramon...

Q:

1) Thad, a single taxpayer, has taxable income before the QBI deduction of $194,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship)....

Q:

QUESTION 1 You (a young person) bought a house in 2004 for $150,000. Sadly, you suffered an injury in 2020. Your doctor prescribes water aerobics as your therapy and prescribes building a pool. You...

Q:

1. (TCO E) For federal tax purposes, the gain from the sale of stocks and bonds is classified as: (Points : 5) active income. portfolio income. passive income. None of the above 2. (TCO D) How does...

Q:

Randolph Scott operates a business as a sole proprietorship. This year his net profit was $10,570. For tax purposes this amount should be reported on: Schedule C, Statement of Profit or Loss from...

Q:

Please help 16. Rob Wiggle operates a small plumbing supplies business as a sole proprietor. In 2021, the plumbing business has a gross income of $421,000 and business expenses of $267,000, including...

Q:

$ 8 , 3 5 0 $ 1 5 , 9 5 0 Mark for follow up Question 2 of 7 5 . A taxpayer is required by law to provide the payer's name, address, and tax identification number on Schedule B when reporting...

Q:

Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports his son and his son's wife, both of whom lived with him for the entire year. His son...

Q:

1 . On January 2, 2021, Integrity Co. sold merchandise to Honesty, Inc. for P2,500,000. The cost of items to Integrity was P2,000,000. Honesty gave Integrity P500,000 cash and P2,000,000 note payable...

Q:

3 moles of an ideal diatomic gas undergoes the three process cycle as depicted in the figure below, The cycle is composed of an isobaric, isovolumetric, and isothermal process. For the given...

Q:

hich of the following would be a financing activities cash flow? Multiple Choice Common stock dividends recelved from an investment in another company. Interest payments. Purchase of a buliding by...

Q:

Determine the major differences between U.S. GAAP and IFRS disclosure reporting requirements related to each separately reportable operating segment. Next, give your opinion as to whether either U.S....