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A business generate a certain amount of income that is classified as qualified business income...

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Question

Accounting

A business generate a certain amount of income that is classified as qualified business income (QBI) for purposes of Section 199A.

The taxpayer seeking to claim a qualified business income deduction (QBID) has taxable income as shown below. The taxpayer is married filing a joint return.

The business is a service business or a non-service business as shown below.

In each situation, the W-2 wages paid are $20,000 and the UBIA is $50,000.

REQUIRED: Complete the blanks in the table for the allowed QBID. Do it for the 2022 tax year.

Situation

QBI

Service Business?

Taxable Income

Allowed QBID

A

$100,000

Yes

$285,000

B

$100,000

No

$285,000

C

$100,000

Yes

$340,100

D

$100,000

No

$340,100

E

$200,000

Yes

$360,100

F

$200,000

No

$360,100

G

$200,000

Yes

$410,100

H

$200,000

No

$410,100

I

$300,000

Yes

$500,000

J

$300,000

No

$500,000

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