Question: Where is the 1 9 9 A deduction ( qualified business income deduction ) on a Form 1 0 4 0 ? Group of answer

Where is the 199A deduction (qualified business income deduction) on a Form 1040?
Group of answer choices
It is a deduction from AGI, much like the standard deduction or itemized deductions, and is the last deduction taken in determining taxable income.
It is a business deduction and is taken on Schedule C (Form 1040).
It is a deduction that reduces self-employment income and is taken on Schedule SE (Form 1040).
It is an itemized deduction taken on Schedule A (Form 1040).
None of these.

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:

Barbara Gonzales, age 53, is a self-employed tax attorney (social security number 444-88-9999). She is supporting her mother, Martha Garza, age 85 who lives with her. Martha's social security number...

Q:

Barbara Gonzales, age 53, is a self-employed tax attorney (social security number 444-88-9999). She is supporting her mother, Martha Garza, age 85 who lives with her. Martha's social security number...

Q:

PLEASE ANSWER ALL I WILL GIVE THUMBS UP THANKS Marc and Mikkel are married and earned salaries this year of $64,100 and $12,600, respectively. In addition to their salaries, they received interest of...

Q:

Cassi (5SN 41234.567 ) has a home cleaning business she runs as a sole proprietorship. The following are the results from business opreratione for the tox yoar 20 ?? Required: Determine Cassi's self...

Q:

How to calculate the tax? 13 Qualified business income deduction from Form 8995 or Form 8995. . . . . . . . ... 14 Add lines 12c and 13 15 Taxable income. Subtract line 14 from line 11 . If zero or...

Q:

John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2021, John worked as a computer technician at a local university earning a salary of $152,000, and...

Q:

Complete the portion of form 8 9 9 5 - A part 1 V to calculate Julia's QBI deduction. 7 1 2 3 4 Total qualified business Income component from all qualified trades, businesses, or aggregations....

Q:

1040 ding Schedule 1 Unaturm Prams for Group Tam Literance 2020 Tax Rate Schedu Other Income from Schedule 1, line 9. 9 Add lines 1, 2, 3, 4, 5, 66, 7, and This is your total income 10 Adjustments to...

Q:

For this tax return you are to use the information in Tax Return 2, Barbara Gonzalez. Required for this tax return is that you calculate the QBI deduction Qualified Business income deduction. You do...

Q:

Which of the following is true of the qualified business income ( QBI ) deduction? Group of answer choices To qualify for the QBI deduction, the business owner need not be active in the business. The...

Q:

If the center of gravity of the stacked tables is at G, and the stack weighs 100 lb, determine the smallest force P the boy must push on the stack in order to cause movement. The coefficient of...

Q:

Suppose a popular band decides to hold a free concert in its hometown. Admission is available on a first-come, first-served basis. Is the concert a public good?

Q:

Bank net worth is the claims of the owners of the bank against bank assets measure of the profitability of the bank value of the bank's vault, cash, and Long portfolio claims of the non - owners of...

Q:

Pharoah Company reported the following amounts for 2022: Raw materials purchased $95,200 Beginning raw materials inventory 5,824 Ending raw materials inventory 5,040 Beginning finished goods...