What is Bill and Marys maximum QBI deduction

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Question - Bill and Mary filed a joint Federal income tax return this year. Mary owns a 30% interest in MAJIC Partnership, a women's dress boutique. Mary's share of the partnership's net income is $280,000. Her shares of the partnership's W-2 wages and unadjusted basis of depreciable property are $100,000 and $300,000, respectively.

Required -

a. What is Bill and Mary's maximum QBI deduction if their total taxable income is $300,000?

b. What is the maximum QBI deduction if Bill and Mary's total taxable income is $450,000?

Reference no: EM132526368

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