In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various

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In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry’s qualified business income from driving is $61,200.

a. Compute Henry’s QBI deduction and his tax liability for 2020.

b. Complete Henry’s 2020 Form 8995 (Qualified Business Income Deduction Simplified Computation).

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Related Book For  answer-question

South-Western Federal Taxation 2022 Individual Income Taxes

ISBN: 9780357519073

45th Edition

Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman

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