Thad, a single taxpayer, has taxable income before the QBI deduction of $176,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2022, his proprietorship generates qualified business income of $140,800, W-2 wages of $105,600, and $14,000 of qualified property. Assume the QB1 amount is net of the self-employment tax deduction. If required, round any division to two decimal places and use that rounded amount in any future computations. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction? 3,351 X
Thad, a single taxpayer, has taxable income before the QBI deduction of $176,000. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). During 2022, his proprietorship generates qualified business income of $140,800, W-2 wages of $105,600, and $14,000 of qualified property. Assume the QB1 amount is net of the self-employment tax deduction. If required, round any division to two decimal places and use that rounded amount in any future computations. Round your final answer to the nearest dollar. What is Thad's qualified business income deduction? 3,351 X
Chapter2: The Deduction For qualified Business Income For Pass-through Entities
Section: Chapter Questions
Problem 18CE
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