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19 February, 16:21

Which of the following are included in qualified business income (QBI) ? (All income is effectively connected with a trade or business in the U. S.)

Betty's Form W-2 wages received from an S corporation.

Tom's guaranteed payments from a partnership.

Jane's Schedule C net profit.

Qualified Publicly Traded Partnership (PTP) income.

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  1. 19 February, 16:27
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    The correct answers are letters "C" and "D": Jane's Schedule C net profit; Qualified Publicly Traded Partnership (PTP) income.

    Explanation:

    The Qualified Business Income Deduction or QBI allows up to 20% of deductions for people who file small businesses taxes in personal statements. The rule mainly applies to all those activities developed in a sole proprietorship. Capital gains, losses, dividends, and interest are not eligible for this type of deductions. A schedule C (form 1040) or a qualified Publicly Traded Partnership (PTP) income can be subject to this deduction.
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Home » Business » Which of the following are included in qualified business income (QBI) ? (All income is effectively connected with a trade or business in the U. S.) Betty's Form W-2 wages received from an S corporation. Tom's guaranteed payments from a partnership.
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