Eric, who is single, has income from his Schedule C of $150,000. His taxable income is...
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Eric, who is single, has income from his Schedule C of $150,000. His taxable income is $120,000 after his other deductions. What is Eric’s QBI deduction for 2018?
Homework Answers
Modified taxable income should be considered here, which is $120,000, but not the Schedule C income, which is $150,000.
Since the modified taxable income in less than $157,500, QBI deduction would be at 20% rate.
QBI deduction = Modified taxable income × 20%
= $120,000 × 20%
= $24,000 (Answer)
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