John, a single taxpayer, has met schedule C income of $70,000 from a specific service trade or business. He does not have any other business income. He also has W-2 income, and his taxable income for the year exceeds the upper threshold of $210,699. As John's tax preparer, what information will you share with him regarding his eligibility to claim the QBID?

-unfortunately, he is not entitled to the deduction on his 2019 return, since his taxable income is over the upper threshold.

-he qualifies for the deduction, but the amount will be limited based on his income.

-he qualifies for the deduction, which will apply to 20% of his taxable income.

-he qualifies for the deduction which will apply to 20% of his net schedule C income.