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Asha is single & age 35. In 2020, Asha’s sole proprietorship generated income of $60,000 and...

Asha is single & age 35. In 2020, Asha’s sole proprietorship generated income of $60,000 and deductible expenses of $0. Asha also has additional gross income (interest) of $5,000. Asha takes the standard deduction.

1. What is Asha’s AGI (gross income – adjustments)?

2. What is Asha’s QBI?

3. What is Asha’s modified taxable income?

4. What is Asha’s QBI deduction ?

5. What is Asha’s taxable income?

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