Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 202) the business pays $60,000 of W2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Kyra also has a part-time job earning wages of $11,500 and receives $3,450 of interest income. Her standard deduction is $12,950. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's tentative QBI based on the W-2 Wages/Capital Investment Limit? Determine Kyra's allowable QBI deduction. X Feedback Check My Work There are three limitations on the QBI deduction. These limitations are fully phased in once taxable income (before the QBI deduction $440,100 for married taxpayers filing jointly and $220,050 for single and head-of-household taxpayers. Within the phase-in ranges (\$ married taxpayers filing jointly; $50,000 for all other taxpayers), the limitations are each applied by comparing the amount of taxable exceeds the threshold amount to the appropriate phase-in range. Once these thresholds are reached, 199A imposes two independen limitations. Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 202) the business pays $60,000 of W2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Kyra also has a part-time job earning wages of $11,500 and receives $3,450 of interest income. Her standard deduction is $12,950. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's tentative QBI based on the W-2 Wages/Capital Investment Limit? Determine Kyra's allowable QBI deduction. X Feedback Check My Work There are three limitations on the QBI deduction. These limitations are fully phased in once taxable income (before the QBI deduction $440,100 for married taxpayers filing jointly and $220,050 for single and head-of-household taxpayers. Within the phase-in ranges (\$ married taxpayers filing jointly; $50,000 for all other taxpayers), the limitations are each applied by comparing the amount of taxable exceeds the threshold amount to the appropriate phase-in range. Once these thresholds are reached, 199A imposes two independen limitations