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Ahab, a married taxpayer, operates a discount tobacco store as a sole proprietor. The business has no employees (Ahab provides all services to customers). During
Ahab, a married taxpayer, operates a discount tobacco store as a sole proprietor. The business has no employees (Ahab provides all services to customers). During 2020, Ahabs qualified business income is $210,000 [this is his Schedule C (Form 1040) net income reduced by his self-employment tax deduction]. Ahabs AGI is $274,800, which includes wages earned by his spouse, but no other income. He and his spouse claim the standard deduction ($24,800).
What is the qualified business income deduction that can be claimed by Ahab and his wife on their joint income tax return?
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