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holly generated engineering income

Holly files married filing jointly and reports income of $300,000 ($340,000 AGI - $40,000 itemized deductions) before the deduction for qualified business income.  She has no capital gains or dividends included in taxable income. Holly's engineering consulting service generates $20,000 of qualified business income.  She paid no wages during the current year. What is Holly's deduction for qualified business income?

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Answer #1

20,000 (QBI)X20% = 4,000

answered by: olessia silakova
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