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Self employed
In your example.. Does W2 wages mean paid to themselves or workers or does it mean W2 income made outside the business..
If the former , then W2 income outside the business would be zero in calculating excess income?
Jack and Jill are joint filers, and here’s the info they’ll need to calculate their QBI deduction:
- Total taxable income = $400,000
- QBI = $300,000 (and 20% of QBI = $60,000)
- W-2 wages paid = $50,000
September 13, 2020
6:30 AM