Question: Jordan, a single taxpayer, operates a flower store as a sole proprietor. In 2022, her business generates income of $140,000, and incur expenses of $40,000,
Jordan, a single taxpayer, operates a flower store as a sole proprietor. In 2022, her business generates income of $140,000, and incur expenses of $40,000, and $2,950 of interest income from her business deposits. Her AGI is $102,950. Compute Jordan's modified taxable income (MTI). Estimate the QBI deduction for Jordan. What is Jordan's taxable income?
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Calculating Jordans Taxable Income 1 Business Profit Business income 140000 Business expenses 4... View full answer
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
