Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2022, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating
I need help with question C
Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2022, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term
The income threshold for QBI limitations starts at $340,100 for married filing jointly taxpayers.
a. What is Rob and Marie's taxable income before the QBI deduction?
406,100
b. What is Rob and Marie's QBI?
154,000
c. What is Rob and Marie's QBI deduction?
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