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The PDQ Partnership earned ordinary income of $150,000 in 2019. The partnership has three equal partners, Pete, Donald, and Quint. Quint, who is single, uses
The PDQ Partnership earned ordinary income of $150,000 in 2019. The partnership has three equal partners, Pete, Donald, and Quint. Quint, who is single, uses the standard deduction, and has other income of $15,000 (not connected with the partnership) in 2019. He receives a $30,000 distribution from the partnership during the year. What is Quint's taxable income in 2019? (If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero. Assume that the partnership is not eligible for the QBI deduction.) (Click the icon to view the standard deduction amounts.) Adjusted gross income (AGI) Minus: Deductions from AGI: Quint's tax Allocable share of PDQ Partnership income Dividend income Itemized deductions Other taxable income Choose fro Standard deduction inue to the next question. Reference STANDARD DEDUCTION Filing Status Married individuals filing joint returns and surviving spouses 24,400 Heads of households $ 18,350 Unmarried individuals (other than surviving spouses and heads of households) $ 12,200 Married individuals filing separate returns $ 12,200 Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses $1,300* Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse $1,650* Taxpayer claimed as dependent on another taxpayer's return: Greater of (1) earned income plus $350 or (2) $1,100. * These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind. Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the Tax Cuts and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the exemptions for these years. Print Done
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