Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 15-24 (LO. 3, 4) Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly's proprietorship paid $30,000 in W-2
Problem 15-24 (LO. 3, 4) Shelly has $200,000 of QBI from her local jewelry store (a sole proprietorship). Shelly's proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Shelly's spouse earned $75,900 of wages as an employee, they earned $20,000 of interest income during the year and have no other income or deductions. Shelly and her spouse will file jointly and use the standard deduction. Assume the QBI amount is net of the self-employment tax deduction. What is their QBI deduction for 2022?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started