Determine the QBI deduction

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Question - Prakash Samuels owns and manages his single member LLC that provides a wide variety of financial services to his clients. He is married and will file a joint tax return with his wife, Amy. The LLC reports $300,000 of qualified business income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. The couple's taxable income before the QBI deduction is $285,000 (this also their modified taxable income). Determine the QBI deduction for 2019.

Reference no: EM132522447

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