Ginger is a self-employed driver finding rides via a few different platform companies such as Lyft. She is single and claims the $12,000 standard deduction. For 2019, her income from driving is $67,000 and she has no other income. Ginger’s QBI deduction for 2019 is $13,400.
Answer the following statement true (T) or false (F)
False
Rationale: Ginger must apply the limitation based on taxable income without any net capital gain income. For her, this limit is $10,960 [20% x ($67,000 - $12,200 single standard deduction)].
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