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What is Rob and Marie taxable income before QBI deduction

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Reference no: EM132674725

Problem - Rob Wriggle operates a small plumbing supplies business as a sole proprietor. In 2019, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2019. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2019 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2019, they take the standard deduction of $24,400.

Required -

a. What is Rob and Marie's taxable income before the QBI deduction?

b. What is Rob and Marie's QBI?

c. What is Rob and Marie's QBI deduction?

d. Complete Form 8995-A to report Rob's QBI deduction.

Reference no: EM132674725

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