Question

In 2019, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2019, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,200. Assume the QBI amount is net of the self-employment tax deduction. Required: a. Compute Henrys QBI deduction and his tax liability for 2019. b. Complete Henry's 2019 Form 8995 (Qualified Business Income Deduction Simplified Computation).

          In 2019, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2019, Henry's qualified business income from driving is $61,200. Assume Henry takes the standard deduction of $12,200. Assume the QBI amount is net of the self-employment tax deduction.
Required:
a. Compute Henrys QBI deduction and his tax liability for 2019. 
b. Complete Henry's 2019 Form 8995 (Qualified Business Income Deduction Simplified Computation).

Added by Angela W.

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