Question
Tammy has $220,000 of net income from her neighborhood clothing store (a sole proprietorship). The $220,000 includes $20,000 of interest income from business bank accounts.
Tammy has $220,000 of net income from her neighborhood clothing store (a sole proprietorship). The $220,000 includes $20,000 of interest income from business bank accounts. Tammy's spouse earned $50,000 of wages as an employee, they will be filing jointly for 2020. They will take the standard deduction of $24,400 for 2020. What is their QBI deduction for 2020?
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College Accounting Chapters 1-15
Authors: James A Heintz, Robert W Parry
19th Edition
0324376162, 978-0324376166
