Elliot and Conrad (a two-member LLC) operated a consulting firm (a "specified services" business). The business is equally owned and the two are not related. In 2022, the business generates qualified business income of $280,000, pays W2 wages of $170,000, and has qualified business property of $140,000.

Elliot's wife, Julie, is an attorney who works for a local law firm and receives wages of $90,000. They have no other items of income, deduction, or loss, will file jointly, and use the standard deduction of $25,900. Conrad's wife, Rachel, earned wages during the year of $365,000, and Conrad and Rachel have itemized deductions of $62,000 and will file a joint return.

If amount is zero, enter "0".

Question Content Area

a. What is Elliot's qualified business income deduction? $fill in the blank

Question Content Area

b. What is Conrad's qualified business income deduction?