My husband and I are under 60 and we file married jointly. My husband is self-employed and reports his income under his social security number on Schedule C of IRS 1040. His income is significantly less this year than last year. I did not have any income the last time we filed, but I am now the beneficiary a small annuity/ira from my father's trust. From what I understand the money is invested in the market, earning interest, and may be subject to capital gains tax. No minor children. I am trying to determine how the BBB might affect my taxes this year so that I can plan appropriately.
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In regards to your husband's income, net income from self-employment will be subject to self-employment tax. This did not change. However, the Qualified Business Income deduction is now permanent. Generally speaking, your husband can deduct up to 20% of the business net income on the Form 1040.
Regarding the IRA, when you inherit an IRA from someone other than your spouse
For more information regarding inheriting an IRA, you can take a look at Publication 590-B