Problem 15-24 (LO. 3, 4) 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 $77,700 of wages as an employee, they earned $20,000 of interest income during the year and have no other income or deductions. Shelly and her spouse will file jointly and use the standard deduction. Assume the QBI amount is net of the self-employment tax deduction. What is their QBI deduction for 2023?
Problem 15-24 (LO. 3, 4) 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 $77,700 of wages as an employee, they earned $20,000 of interest income during the year and have no other income or deductions. Shelly and her spouse will file jointly and use the standard deduction. Assume the QBI amount is net of the self-employment tax deduction. What is their QBI deduction for 2023?
Chapter2: The Deduction For qualified Business Income For Pass-through Entities
Section: Chapter Questions
Problem 22P
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Transcribed Image Text:Problem 15-24 (LO. 3, 4)
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 $77,700 of wages as an employee, they earned $20,000 of interest income
during the year and have no other income or deductions. Shelly and her spouse will file jointly and use the standard deduction.
Assume the QBI amount is net of the self-employment tax deduction.
What is their QBI deduction for 2023?
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