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In 2021, Henry Jones (Social Security number 123-45-6769) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. His qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,550. Click here to access the 2021 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his income tax liability for 2021 . QBI deduction: 7 x Tax liability (round to the nearest dollar): s Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or harticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $164,900($164,925 if married filing separately; $329,800 if married filing jointly), and you aren't a patron of an agricultural or horticultural cooperative. \begin{tabular}{c|l|c|c} \hline 1 & (a) Trade, business, or aggregation name & (b)Taxpayeridentificationnumber & (c)Qualifiedbusinessincomeor(loss) \\ \hline i & Henry Jones Transportation & 123456789 & \\ \hline ii & & & \\ \hline iii & & & \\ \hline iv & & & \\ \hlinev & & & \\ \hline \end{tabular} 3 Qualified business net (loss) carryforward from the prior year 4 Total qualified business income. Combine lines 2 and 3 . If zero or less, enter =0 \begin{tabular}{|l|l|} \hline 2 & \\ \hline 3 & ( \\ \hline 4 & \\ \hline \end{tabular} 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 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year. 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7, If zero or less, enter 0 - 9 R.EIT 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 (see instructions). 12. Net capital gain (see instructions) 13 Subtract line 12 from line 11. If zero or less, enter 0 14 Income limitation, Multiply line 13 by 20%(0.20) 15 Qualified business income deduction. Enter the smaller of line 10 or line 14. Also enter this amount on the 16 Total qualified business (loss) carryforward. Combine lines 2 and 3 . If greater than zero, enter =0%,, 17 Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than zero, For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 37806C Form 8995(2021) In 2021, Henry Jones (Social Security number 123-45-6769) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. His qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,550. Click here to access the 2021 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his income tax liability for 2021 . QBI deduction: 7 x Tax liability (round to the nearest dollar): s Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or harticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $164,900($164,925 if married filing separately; $329,800 if married filing jointly), and you aren't a patron of an agricultural or horticultural cooperative. \begin{tabular}{c|l|c|c} \hline 1 & (a) Trade, business, or aggregation name & (b)Taxpayeridentificationnumber & (c)Qualifiedbusinessincomeor(loss) \\ \hline i & Henry Jones Transportation & 123456789 & \\ \hline ii & & & \\ \hline iii & & & \\ \hline iv & & & \\ \hlinev & & & \\ \hline \end{tabular} 3 Qualified business net (loss) carryforward from the prior year 4 Total qualified business income. Combine lines 2 and 3 . If zero or less, enter =0 \begin{tabular}{|l|l|} \hline 2 & \\ \hline 3 & ( \\ \hline 4 & \\ \hline \end{tabular} 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 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year. 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7, If zero or less, enter 0 - 9 R.EIT 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 (see instructions). 12. Net capital gain (see instructions) 13 Subtract line 12 from line 11. If zero or less, enter 0 14 Income limitation, Multiply line 13 by 20%(0.20) 15 Qualified business income deduction. Enter the smaller of line 10 or line 14. Also enter this amount on the 16 Total qualified business (loss) carryforward. Combine lines 2 and 3 . If greater than zero, enter =0%,, 17 Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than zero, For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 37806C Form 8995(2021)