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Exercise 9-25 (LO. 6) In 2020, Henry Jones (Social Security number 123-456789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualied business income from driving is $61,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QB! amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $ 21,480 X Tax liability (round to the nearest dollar): _ X b. Complete Henry's 2020 Form 8995 (Qualified Business Income Deduction Simplied Computation). Enter all amounts as positive numbers. If an amount is zero, enter Qualied Business Income Deduction OMB \"' 15450123 Form 8995 Simplified Computation 2020 Department Of the Treasury 5 Attach to your tax return. Attachment Internal Revenue Service > Go to www.irs.gov/Form8995 for instructions and the latest information. Sequence \"0- 55 Name(s) shown on return Henry Jonas Your taxpayer identification number 12345-6789 Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $163,300 ($326,600 if married ling jointly), and you aren't a patron of an agricultural or horticultural cooperative. lIl eBook (b) Taxpayer (c) Qualified business 1 (a) Trade, business, or aggregation name identification number income or (loss) Henry Jones Transportation 123-45-6789 61,200 Total qualified business income or (loss). Combine lines li through 1v, column (c) . . 2 2 61,200 3 Qualified business net (loss) carryforward from the prior year . . . . 3 Total qualified business income. Combine lines 2 and 3. If zero or less, enter -0- . .. 61,200 5 Qualified business income component. Multiply line 4 by 20% (0.20) . . .. 5 12,240 6 Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see instructions) . . 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year . . 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter - 0- . . 8 9 REIT and PTP component. Multiply line 8 by 20% (0.20) . . . . 0 10 Qualified business income deduction before the income limitation. Add lines 5 and 9 . . . . . . . . . . . . . 10 12,240 11 Taxable income before qualified business income deduction . 1 1 48,960 X 12 Net capital gain (see instructions) . . .. 12 13 Subtract line 12 from line 11. If zero or less, enter -0- . . . . . . 13 0 X 14 Income limitation. Multiply line 13 by 20% (0.20) . . . .. . . . . . . 14 0 X