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Posted: April 20th, 2022
Jane Marshall is a shareholder and employee in a corporation that is organized
Jane Marshall is a shareholder and employee in a corporation that is organized as a pass-through S corporation. The business IS NOT a Specialized Service Trade or Business (SSTB).
Jane Marshall is a shareholder and employee in a corporation that is organized as a pass-through S corporation. The business IS NOT a Specialized Service Trade or Business (SSTB). Jane receives a salary and bonus of $180,000. $80,000 of business income is also passed through to her from the corporation. Jane files a joint return with her spouse, Jake, and takes the $25,100 standard deduction. The couple have $220,000 of other income including Jake’s salary.
Jane’s portion of 50% of W-2 wages for the corporation’s employees is $50,000 and that amount is higher than the wage/capital limitation.
Which statement regarding the deduction for Qualified Business Income correctly applies to this taxpayer?
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Jane will receive a QBI deduction of 20% of $80,000 as the wage limitation isn’t binding in these circumstances.
Jane is not entitled to a QBI deduction.
Jane will be entitled to a reduced QBI deduction because of her income level.
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Jane Marshall is a shareholder and employee of a S corporation that is structured as a pass-through entity. THE COMPANY IS NOT IN THE BUSINESS OF SPECIALIZED SERVICE TRADE OR BUSINESS (SSTB).
Jane Marshall is a shareholder and employee of a S corporation that is structured as a pass-through entity. THE COMPANY IS NOT IN THE BUSINESS OF SPECIALIZED SERVICE TRADE OR BUSINESS (SSTB). Jane is paid $180,000 in salary and bonus. The corporation also passes through $80,000 in business income to her. Jane files a joint return with her husband, Jake, and takes the standard deduction of $25,100. Jake’s salary is one of the couple’s other sources of income, which totals $220,000.
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Jane’s share of 50 percent of W-2 wages for the corporation’s employees is $50,000, which is greater than the wage/capital ratio.
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