ZuoTi.Pro
Question

A taxpayer with qualified business income who is a patron of an agricultural cooperative will use...

A taxpayer with qualified business income who is a patron of an agricultural cooperative will use what form to calculate the qualified business income deduction?

Form 1040.

Form 8995.

Form 8995-A.

Schedule C.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Solution. The correct answer is Form 8995-A

Explanation: According to set up by Internal Revenue Service, a taxpayer with qualified business income who is a patron of an agricultural cooperative will use form 8995-A to calculate required qualified business income deduction.

0 0
Add a comment
Know the answer?
Add Answer to:
A taxpayer with qualified business income who is a patron of an agricultural cooperative will use...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Melissa, a single taxpayer, has qualified business income of $150,000. Her business paid Form W-2 wages...

    Melissa, a single taxpayer, has qualified business income of $150,000. Her business paid Form W-2 wages and holds qualified property. As Melissa's Tax Professional, you determine that her qualified business income deduction will be limited because her taxable income exceeds the lower threshold for her filing status. You will begin figuring the amount of her deduction by multiplying $150,000, the amount of her qualified business income, by 20%. Your next step is to: Deduct the lowest threshold, $157,500, from her...

  • A taxpayer with a net loss from qualifying business will need to file which Form? -...

    A taxpayer with a net loss from qualifying business will need to file which Form? - Schedule A (Form 8995-A) - Schedule B (Form 8995-A) - Schedule C (Form 8995-A - Schedule D (Form 8995-A

  • Qualified business income includes the reasonable compensation paid to the taxpayer by a qualified trade or...

    Qualified business income includes the reasonable compensation paid to the taxpayer by a qualified trade or business and guaranteed payments made to a partner for services rendered 0 True False

  • Which of the following are true about the Qualified Business Income Deduction (QBID)? (Select all that...

    Which of the following are true about the Qualified Business Income Deduction (QBID)? (Select all that apply) Choose one answer. a. The deduction is subject to various limitations. b. The deduction is claimed on Schedule A for itemized deductions. c. The business may be conducted in or outside of the US. d. Taxpayers are eligible whether they report a combined business profit or loss. What is the maximum age a taxpayer with no qualifying children may be at the end...

  • Qualified business income (en) is defined as the ordinary income less ordinary deductions that a taxpayer...

    Qualified business income (en) is defined as the ordinary income less ordinary deductions that a taxpayer eams from a qualified trade of business (eg, from a sole proprietorsho. S corporation, or partnership conducted in the United States by the taxpayer True false

  • AC309 Unit 5: Application Assignment – Investments Millie is a single taxpayer and her 2018 taxable...

    AC309 Unit 5: Application Assignment – Investments Millie is a single taxpayer and her 2018 taxable income is $181,205, calculated as follows: Description Amount Employee wages 133,000 Profit from business (Schedule C) 15,000 Ordinary income from partnership (Schedule E) 22,000 Interest income 4,000 Ordinary dividends (total dividends = 9,000) 2,000 Qualified dividends (total dividends = 9,000) 7,000 Short-term capital gain 8,200 Long-term capital gain 6,900 Total Income – Form 1040, Line 6 198,100 Deduction for ½ of self-employment tax (495)...

  • Ella, a single taxpayer, operates a gardening shop as a sole proprietor. The business has 3...

    Ella, a single taxpayer, operates a gardening shop as a sole proprietor. The business has 3 employees who are paid a total of $110,000 during 2020. Assume that the business has no significant assets. During 2020, the business generates $156,000 of income and Ella’s taxable income before the QBI deduction is $162,000 What is Ella’s qualified business income deduction? What is Ella’s qualified business income deduction if the facts are the same except that the business income is $320,000 and...

  • A business generate a certain amount of income that is classified as "qualified business income" (QBI)...

    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 business is a service business or a non-service business as shown below In each situation, the W-2 wages paid are S60,000 and the UBIA is S500,000 REQUIRED: Complete the blanks in the table for the allowed QBID Situation QB Service Business?...

  • Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is...

    Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2019, the business pays $100,000 in W–2 wages, has $150,000 of qualified property, and generates $350,000 of qualified business income. Susan has no other items of income or loss and will take the standard deduction. Assume the QBI amount is net of the self-employment tax deduction. What is Susan's qualified business income deduction?

  • Question 3 of 15. A taxpayer with a net loss from qualifying businesses will need to...

    Question 3 of 15. A taxpayer with a net loss from qualifying businesses will need to file which form? O Schedule A (Form 8995-A) O Schedule B (Form 8995-A) O Schedule C (Form 8995-A) O Schedule D (Form 8995-A) h Mark for follow up DAL Sched Fan AJ Malow up Question of 15 A long the married ingreparately fingsts who red in a specified trade or use wil te nobile for the GB duction on their laxatireaches which amour 1000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT