Rebecca and Brad Are Married and Will File Jointly

Question

Examlex · Accepted Answer

The Answer is Normally, Rebecca and Brad would be entitled to a QBI deduction of $60,000 ($300,000 x 20%). But since their taxable income exceeds the threshold for married taxpayers ($315,000), and Rebecca's QBI is from a "specified services" business (a law firm), their QBI deduction is limited to $14,400, computed as follows:
Normally, Rebecca and Brad would be entitled to a QBI deduction of $60,000 ($300,000 x 20%). But since their taxable income exceeds the threshold for married taxpayers ($315,000), and Rebecca's QBI is from a specified services business (a law firm), their QBI deduction is limited to $14,400, computed as follows:

Normally, Rebecca and Brad would be entitled to a QBI deduction of $60,000 ($300,000 x 20%). But since their taxable income exceeds the threshold for married taxpayers ($315,000), and Rebecca's QBI is from a specified services business (a law firm), their QBI deduction is limited to $14,400, computed as follows:

Rebecca and Brad Are Married and Will File Jointly

Definitions: