Peter 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 spouse, Marta. His LLC reports $300,000 of qualified business income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $285,000 (this is also their modified taxable income). Determine their QBI deduction for 2023. (LO.3,, 4)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Peter 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
spouse, Marta. His LLC reports $300,000 of qualified business income, W-2 wages of
$120,000, and assets with an unadjusted basis of $75,000. Their taxable income
before the QBI deduction is $285,000 (this is also their modified taxable income).
Determine their QBI deduction for 2023. (LO.3,, 4)
Transcribed Image Text:Peter 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 spouse, Marta. His LLC reports $300,000 of qualified business income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $285,000 (this is also their modified taxable income). Determine their QBI deduction for 2023. (LO.3,, 4)
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