Jessica is singe and owns Mountain Valley Tours as a sole proprietorship in 2020. During the year, Mountain Valley generates $110,000 of Qualified Business Income (QBI). Jessica’s Adjusted Gross Income for the year 2020 is $150,000. Jessica has no income from interest, dividends, or capital gains. What is Jessica’s QBI deduction for 2020? Group of answer choices $0. $22,000. $26,000. $33,000.
Jessica is singe and owns Mountain Valley Tours as a sole proprietorship in 2020. During the year, Mountain Valley generates $110,000 of Qualified Business Income (QBI). Jessica’s Adjusted Gross Income for the year 2020 is $150,000. Jessica has no income from interest, dividends, or capital gains. What is Jessica’s QBI deduction for 2020? Group of answer choices $0. $22,000. $26,000. $33,000.
Chapter9: Deductions: Employee And Self- Employed-related Expenses
Section: Chapter Questions
Problem 41P: Shelly has 200,000 of QBI from her local jewelry store (a sole proprietorship). Shellys...
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Jessica is singe and owns Mountain Valley Tours as a sole proprietorship in 2020. During the year, Mountain Valley generates $110,000 of Qualified Business Income (QBI). Jessica’s Adjusted Gross Income for the year 2020 is $150,000. Jessica has no income from interest, dividends, or capital gains. What is Jessica’s QBI deduction for 2020?
Group of answer choices
$0.
$22,000.
$26,000.
$33,000.
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