I need help how to find out the QBI in form 8995 base on the following information ...thank you. if you can show the calculations or formulas please because I am stocked with this form to complete 1040 form

1A. Richard McCarthy (born 2/14/1966; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1968; Social Security number 101-21-3434) have a 19-year-old son Jack, (born 10/2/2001; Social Security number 555-55-1212), who is a full-time student at the University of Key West. The McCarthys also have a 12-year- old daughter Justine, (Social Security number 444-23-1212), who lives with them. The McCarthys can claim a $2,000 child tax credit for Justine and a $500 other dependent credit for Jack. The McCarthys did not receive an EIP in 2020. Richard is the CEO at a paper company. His 2020 Form W-2: Credit 2500 - Employee's social security number 100-10-9090 b Employer identification number (EN) 32-5656567 Employer's name, address, and ZIP code Mufflin-Dunder Paper 302 Lackawanna Ave. Scranton, PA 18503 Safe, accurate, Visit the IRS website at OMB No 1545-0008 FASTI Use ase-file www.ins pour Wages, per compensation 2 Federal income tax with 230,800.00 55,800.00 3 Social security wages 4 Social Security with 137,700.00 8,537.40 5 Medicare wages and tips 8 Medicare tax witheid 235,800.00 3,741.30 7 Social security tips 8 Allocated tips 10 Dependent care benefits d Control number 9 Su 11 Nongulfed plan 12 Structions for box 12 D 5,000.00 Employee's first name and intial Last name Richard McCarthy 32 Sleep Hollow Road Clarks Summit, PA 18411 DD 10,328.12 1 Employee address and ZIP code 15 Employ the 10 number PAL 1234824 16 Stew 230,800.00 (13,800.00 For W-2 wage and Tax Statement 2020 Copy B-To Be Filed With Employee's FEDERAL Tax Return This information is being furnished to the Internal Revenue Service Christine is an optometrist and operates her own practice ("The Eyes of March") in town as a sole proprietor. The shop address is 1030 Morgan High way, Clarks Summit, PA 18411 and the business code is 621320. Christine keeps her books on the accrual basis and her bookkeeper provided the following information: Gross sales $270,500 Returns 9,000 Inventory: Beginning inventory $ 25,000 Purchases 120,000 Ending inventory 29,000 Rent 24,000 Insurance 11,000 Professional fees -3,000 Payroll 35,000 - Payroll taxes 2,877 Utilities 3,975 Office expenses 1,995 Depreciation 5,000 Chapter 6 - Accounting Periods and Other Taxes Christine came into contact with a client that had COVID and was unable to work for 14 days under orders of state health officials. Her employees were unaffected. She also elected to defer self-employment taxes (but not household taxes) under December 31, 2020 COVID period. the COVID provisions. She allocates 77.5 percent of her income to the March 27 to The McCarthys have a nanny housekeeper whom they paid $12.700 during 2020. They did not withhold income or FICA taxes. The McCarthys paid Pennsylvania state unemployment tax of $378 in 2020 Christine received a 2020 Form 1099-INT from the National Bank of Scranton that listed interest income of $23,500. Note that McCarthys reasonably allocate $751 to state income tax expense for purposes of the net investment income tax. The McCarthys received a Form 1099-G from Pennsylvania that reported a $477 state income tax refund from 2019. The McCarthys filed a Schedule A in 2019 and had $14,223 of state income tax expense that was limited to a $10,000 deduction 58 653 x 77.5% 456 45 The McCarthys paid the following in 2020: Home mortgage interest Property taxes real state to Estimated state income tax payments Estimated Federal income tax payments Charitable contributions (all cash) Student loan interest Net earnings self employment S8653x0,9235 $15,600 5,450 2,400 4,500 7,600 2,690 = 54,166 Required: Complete the McCarthys' federal tax return for 2020. Use Form 1040, Schedule 1, Schedule 2, Schedule 3, Schedule A Schedule B, Schedule C, Schedule H, Schedule SE, Form 7202, Form 8995, Form 8959, and Form 8960 to complete this tax return. Make realistic assumptions about any missing data and ignore any alternative minimum tax. Do not complete Form 4952, which is used for depreciation. 10 Richard and Christine 111 - 100% + B995 Qualified Business Income Deduction OMB No 1545-22 Simplified Computation 2020 ment of the Treasury Attach to your tax return. Attachment Revenue Service Go to www.irs.gov/Form8995 for instructions and the latest information. Sequence No 55 shown on retum Your taxpayer identification numbe ad and Christine McCarthy 000000 - You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or mess, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction ed through from an agricultural or horticultural cooperative. See instructions. this form if your taxable income, before your qualified business income deduction is at or below $ 163,300 ($326,600 if married jointly), and you aren't a patron of an agricultural or horticultural cooperative (a) Trade business or aggregation name b) Taxpayer Identification number c) Qualified business income or loss Eyes of March lv v 5 2. Total qualified business income or loss). Combine lines 11 through Tv column (c) 2 3 Qualified business net loss) carryforward from the prior year 3 4 Total qualified business income. Combine lines 2 and 3: If zero or less enter- 4 5 Qualified business income component. Multiply line 4 by 20% (0.20) 6 Qualified REIT dividends and publicly traded partnership (PTP) income or loss) (see instructions) 6 7 Qualified REIT dividends and qualified PTP (ons) carryforward from the prior 7 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter-0- 9 REIT and PTP component. Multiply line 8 by 20% (0.20) 10 Qualified business income deduction before the income limitation Add lines 5 and 9 11 Taxable income before qualified business income deduction 11 12 12 Net capital gain (see instructions) 13 Subtract line 12 from line 11. If zero or less enter-0. 13 year 10 SO tv A MacBook Pro 09 DIL FE DO F F10