Rob operates a small plumbing supplies business as a sole proprietor. In 2018, 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 2018. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2018 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2018, they take the standard deduction of $24,000. The income threshold for QBI limitations starts at $315,000 for married filing jointly taxpayers. 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?
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Rob operates a small plumbing supplies business as a sole proprietor. In 2018, 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
The income threshold for QBI limitations starts at $315,000 for married filing jointly taxpayers.
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?
$
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