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Kipish [7]
3 years ago
12

In 2019, Meghann Carlson, a single taxpayer, has QBI of $129,100 and modified taxable income of $103,280 (this is also her taxab

le income before the QBI deduction). Given this information, what is Meghann's QBI deduction
Business
1 answer:
victus00 [196]3 years ago
3 0

Meghann carlson QBI deduction is = $548,623

Solution:

The qualifying business income exclusion (QBI) referred to as Section 199A requires operators to receive up to 20 percent of their eligible business earnings for a tax deduction. It was implemented in the context of the Tax Cuts and Jobs Act 2017.

Since gross deduction for QBI deduction is set at 20% of lower of QBI ($129,100 ) or Taxable income($103,280)

So the lower is taxable income ,

i.e $103,280 × 20% ( 103,280 × 20÷ 100)

  = 20,656 ( 206.56 )

= $548,623

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