Determine Jennifer's qualified business income deduction if her CPA practice generates qualified business income of $273,800.

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Jennifer is a CPA and a single taxpayer using the standard deduction. In 2020, her CPA practice generates qualified business income of $162,400 and she has no other income or losses. Jennifer's taxable income before the QBI deduction is $150,000 ($162,400 – $12,400 standard deduction). Jennifer employs an administrative assistant in her practice and pays him $75,000 in wages. The unadjusted basis of depreciable assets employed in the practice totals $30,000.

answer : $0

Explanation:

As per the Taxation rules ; Jennifer been a single taxpayer with a specified service exceeding $2,07,500 for year 2020, makes her ineligible to claim a qualified Business income deduction.

Jennifer's Qualified business income deduction = $0

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