Thank you so much for taking the time to make this video. For the life of me, I couldn't get the concept of QBI that I searched high and low for examples. Reading the book with convoluted explanations, just made it more confusing. I'll be watching this video 'till I understand.
Hi, I think in the last scenario at 24:40 the 35,000 > 22,500. Although this small error does not affect the final answer. Just want to let you know. Great video!
Thank you for this video it is so helpful! Quick question: in step 3.3 of the phase in example you are calculating the amount in excess of step 2. So it is 40,200 less 35,000. why is your excess amount 5,000 and not 5,200?
Hey Calvin, sorry for the delay here. In this example, think of the excess of $5,000 is the "tentative QBI deduction". This amount is calculated as ($40,000 from Step 1 - $35,000 from Step 2). This amount will subsequently be reduced even further, which is where the $40,200 comes into play.
One of the best videos for QBID on youtube . Hats off !! You made it look so simple.
Thank you so much for taking the time to make this video. For the life of me, I couldn't get the concept of QBI that I searched high and low for examples. Reading the book with convoluted explanations, just made it more confusing. I'll be watching this video 'till I understand.
Thanks a mil! Video was very helpful in understanding QBI deductions
Awesome video! QBI makes sense now 😂 Thank you!
Hi, I think in the last scenario at 24:40 the 35,000 > 22,500. Although this small error does not affect the final answer. Just want to let you know. Great video!
It is my understanding that Schedule C (Line 31) profit must be reduced by 1/2 Self-employment tax + Self-Employment Health insurance Deduction + IRA
In scenario 1 at 12:03 , how is taxable income only $125,000. Would it not be wages + QBI + portfolio income, $180,000?
Thank you for this video it is so helpful! Quick question: in step 3.3 of the phase in example you are calculating the amount in excess of step 2. So it is 40,200 less 35,000. why is your excess amount 5,000 and not 5,200?
Hey Calvin, sorry for the delay here. In this example, think of the excess of $5,000 is the "tentative QBI deduction". This amount is calculated as ($40,000 from Step 1 - $35,000 from Step 2). This amount will subsequently be reduced even further, which is where the $40,200 comes into play.
Thank you!
You are welcome!
Where did you get the single taxpayer range 100000?
Please see updated threshold limitations