Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shellys proprietorship paid $30,000
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Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly’s proprietorship paid $30,000 in W–2 wages and has $20,000 of qualified property. Shelly’s spouse earned $75,100 of wages as an employee, they earned $20,000 of interest income during the year, and they will be filing jointly and using the standard deduction. Based solely on this information, what is their QBI deduction for 2021?
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QBI deduction for 2021 is computed as follows QBI deduction W2 wages 20000 07 75100 30000 10 4280...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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