Pat's taxable income exceeds $157,500 and thus he is required to phase out his QBI deduction. The phase-out calculation is: a.The lesser of 50% of business wages or 25% of wages plus 2.5% of the unadjusted basis of qualifying property b.The greater of 50% of business wages or 25% of wages plus 2.5% of the unadjusted basis of qualifying property c.50% of the amount over $157,500 d.50% of taxable income without the QBI deduction

Question

dglkid4605 dglkid4605

19-03-2020
Business

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Pat's taxable income exceeds $157,500 and thus he is required to phase out his QBI deduction. The phase-out calculation is: a.The lesser of 50% of business wages or 25% of wages plus 2.5% of the unadjusted basis of qualifying property b.The greater of 50% of business wages or 25% of wages plus 2.5% of the unadjusted basis of qualifying property c.50% of the amount over $157,500 d.50% of taxable income without the QBI deduction

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DeniceSandidge DeniceSandidge · Answer 1 · 2020-03-23T05:46:27+01:00

Answer:

correct option is (a) The lesser of 50% of business wages or 25% of wages plus 2.5% of the unadjusted basis of qualifying property

Explanation:

As we know that when a single taxable income of the single filer is exceed by $157,000 by the $50000 or more, then their QBI must not exceed

so

50% of the taxpayer's share of W-2 wages paid in respect of a qualified trade or occupation
25% of such salary and 2.5% on a volatile basis immediately after acquiring the tangible depreciation asset

Qualified Business Income (QBI) exemption refers to taxable income recognized by a partnership, S corporations, LLC or sole proprietorship. This is below the line deduction that does not deduct your AGI, but it does reduce the amount of taxes.