I need help with form 8995-A

I need help with form 8995-A

Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2019. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2019 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2019, they take the standard deduction of $24,400. The me threshold BT limitations starts at $321,400 for ing jointly taxpayers. a. What is Rob and Marie's taxable income before the QB deduction? 407,600 b. What is Rob and Marie's B!? 154,000 c. What is Rob and Marie's QBT deduction 29,126 Complete Form 8995-A to report Rob's Bl deduction OMB No. XXXX XXX Qualified Business Income Deduction 8995-A 2019 Attach to your tax return. Go to www.irs.gov/Form8995A for instructions and the latest information Attachment Department of the Treasury Complete the schedules for Form 8995-A, (A, B, C, and/or D), as applicable, before starting Part 1. Attach additional worksheets when needed. See instructions. (d) Taxpayer (b) Check if (c) Check if (e) Check if 1 (a) Trade, business, or aggregation name identification specified service aggregation patron number A Plumbing supply business O Part II Determine Your Adjusted Qualified Business Income B 2 2 154,000 3 Qualified business income from the trade, business, or aggregation. See instructions ...... Multiply line 2 by 20% (0.20). If your taxable income is $160,700 or less ($160,725 if married filing separately: $321,400 if married filing jointly), skip lines 4 through 12 and enter the amount from line 3 on line 13.... Allocable share of W-2 wages from the trade, business, or aggregation ... 3 4 4 5 5 Multiply line 4 by 50% (0.50) 6 Multiply line 4 by 25% (0.25) 6 Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2019. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2019 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2019, they take the standard deduction of $24,400. The me threshold BT limitations starts at $321,400 for ing jointly taxpayers. a. What is Rob and Marie's taxable income before the QB deduction? 407,600 b. What is Rob and Marie's B!? 154,000 c. What is Rob and Marie's QBT deduction 29,126 Complete Form 8995-A to report Rob's Bl deduction OMB No. XXXX XXX Qualified Business Income Deduction 8995-A 2019 Attach to your tax return. Go to www.irs.gov/Form8995A for instructions and the latest information Attachment Department of the Treasury Complete the schedules for Form 8995-A, (A, B, C, and/or D), as applicable, before starting Part 1. Attach additional worksheets when needed. See instructions. (d) Taxpayer (b) Check if (c) Check if (e) Check if 1 (a) Trade, business, or aggregation name identification specified service aggregation patron number A Plumbing supply business O Part II Determine Your Adjusted Qualified Business Income B 2 2 154,000 3 Qualified business income from the trade, business, or aggregation. See instructions ...... Multiply line 2 by 20% (0.20). If your taxable income is $160,700 or less ($160,725 if married filing separately: $321,400 if married filing jointly), skip lines 4 through 12 and enter the amount from line 3 on line 13.... Allocable share of W-2 wages from the trade, business, or aggregation ... 3 4 4 5 5 Multiply line 4 by 50% (0.50) 6 Multiply line 4 by 25% (0.25) 6