Shelly has 5200.000 of QBI from her local jewelry store (a sole proprietorship). Shelly's proprietorship paid 530,000 in W-2 wages and has $20,000 of qualified property. Shelly's spouse earned $79,200 of wages as an employee, and they earned $20,000 of interest income during the year, and they will be fling jointly and using the standard deduction. Based solely on this information, what is their GBI deduction for 2024?
Shelly has 5200.000 of QBI from her local jewelry store (a sole proprietorship). Shelly's proprietorship paid 530,000 in W-2 wages and has $20,000 of qualified property. Shelly's spouse earned $79,200 of wages as an employee, and they earned $20,000 of interest income during the year, and they will be fling jointly and using the standard deduction. Based solely on this information, what is their GBI deduction for 2024?
Chapter9: Deductions: Employee And Self- Employed-related Expenses
Section: Chapter Questions
Problem 41P: Shelly has 200,000 of QBI from her local jewelry store (a sole proprietorship). Shellys...
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