In 2024, Meghann, a single taxpayer, has QBI of $55,000 and modified taxable income of $39,000 (this is also her taxable income before the QBI deduction, and No capital gain). Given this information, what is Meghann’s QBI deduction

Question

BlackTom AI · Accepted Answer

We’re asked to compute Meghann’s QBI deduction using the given figures for 2024.
First, note Meghann is a single taxpayer with QBI = 55,000 and modified taxable income (taxable income before the QBI deduction) = 39,000. There is no capital gain.
Option A: $7,800. This would be 20% of Meghann’s modified taxable income (0.20 × 39,000 = 7,800).
Option B: $15,600. This would represent 28.36% of QBI (0.28 × 55,000 ≈ 15,400) or some other miscalculation; it does not align with the QBI deduction rules.
Option C: "$11,00" appears to be a mis-typed value intended as $11,000. That amount corresponds to 20% of QBI (0.20 × 55,000 = 11,000), which is a plausible component but must be compared to the limit based on taxable income, so alone it is not the final deduction.
Option D: $22,000. This equals 40% of QBI (0.40 × 55,000 = 22,000) and is simply not aligned with the QBI deduction formula.
Now, let’s apply the actual rule: the QBI deduction is the lesser of (a) 20% of QBI, and (b) 20% of modified taxable income. Here, 20% of QBI is 0.20 × 55,000 = 11,000. Meanwhile, 20% of modified taxable income is 0.20 × 39,000 = 7,800. The lesser amount is 7,800.
Therefore, the correct deduction is 7,800, and the other options are incorrect for the reasons described: they either miscalculate 20% of QBI, misapply the percentage to taxable income, or reflect unrelated or erroneous percentages.

In 2024, Meghann, a single taxpayer, has QBI of $55,000 and modified taxable income of $39,000 (this is also her taxable income before the QBI deduction, and No capital gain). Given this information, what is Meghann’s QBI deduction

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