Chris and Karla are married and will file jointly. Chris earns $300,000 from his CPA firm. He reports his business as a sole proprietorship. Wages paid by the firm amount to $60,000 and the firm has no significant property. Karla is a teacher at the local high school. Their modified taxable income is $399,800 60 (this is also their taxable income before the deduction for qualified business income). What is their QBI deduction?

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 28P
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Chris and Karla are married and will file jointly. Chris earns $300,000 from his CPA firm. He reports his business as a sole proprietorship. Wages paid by the firm amount to $60,000 and the firm has no significant property. Karla is a teacher at the local high school. Their modified taxable income is $399,800 60 (this is also their taxable income before the deduction for qualified business income). What is their QBI deduction?

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