1 Raj owns a financial consulting business as a single-member LLC. He is a single, cash basis, calendar-year taxpayer. For the year, hehad the following information:Ordinary income from LLCTaxable incomeModified taxable incomeW-2 wages paid to employeesQualified property basisSE tax deductionSE health insurance deductionWhat is his QBI deduction?O $16,470O SOO$18,470$22,000$100,000$115,000$110,000$40,000$10,000$7,650$10,000

The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed…

Answered: Taj owns a financial

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Taj owns a financial

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 2BCRQ

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Question

Raj owns a financial consulting business as a single-member LLC. He is a single, cash basis, calendar-year taxpayer. For the year, he
had the following information:
Ordinary income from LLC
Taxable income
Modified taxable income
W-2 wages paid to employees
Qualified property basis
SE tax deduction
SE health insurance deduction
What is his QBI deduction?
O $16,470
O SO
O
$18,470
$22,000
$100,000
$115,000
$110,000
$40,000
$10,000
$7,650
$10,000

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