In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various
Question:
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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a Henry has 61200 in qualified business income from driving 61200 X 20 12620 Henrys deduction ...View the full answer
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Related Book For 
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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