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9 May, 10:51

In 2019, Meghann Carlson, a single taxpayer, has QBI of $129,100 and modified taxable income of $103,280 (this is also her taxable income before the QBI deduction). Given this information, what is Meghann's QBI deduction

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  1. 9 May, 14:07
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    Meghann carlson QBI deduction is = $548,623

    Solution:

    The qualifying business income exclusion (QBI) referred to as Section 199A requires operators to receive up to 20 percent of their eligible business earnings for a tax deduction. It was implemented in the context of the Tax Cuts and Jobs Act 2017.

    Since gross deduction for QBI deduction is set at 20% of lower of QBI ($129,100) or Taxable income ($103,280)

    So the lower is taxable income,

    i. e $103,280 * 20% (103,280 * 20: 100)

    = 20,656 (206.56)

    = $548,623
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