The CAT Partnership Earned Ordinary Income Of $144,000 In 2019. The Partnership Has Three Equal Partners, Carl, Allen, And Tom. Tom, Who Is Single, Uses The Standard Deduction, And Has Other Income Of $20,000 (not Connected With The Partnership) In 2019. He Receives A $33,000 Distribution From The Partnership During The Year. What Is Tom's Taxable Income In 2019?

The CAT Partnership earned ordinary income of $144,000 in 2019. The partnership has three equal partners, Carl, Allen, and Tom. Tom, who is single, uses the standard deduction, and has other income of $20,000 (not connected with the partnership) in 2019. He receives a $33,000 distribution from the partnership during the year. What is Tom’s taxable income in 2019?

- August 24, 2022 - Edwin Tunner

The CAT Partnership earned ordinary income of $144,000 in 2019. The partnership has three equal partners, Carl, Allen, and Tom. Tom, who is single, uses the standard deduction, and has other income of $20,000 (not connected with the partnership) in 2019. He receives a $33,000 distribution from the partnership during the year. What is Tom’s taxable income in

2019?

(If an input field is not used, leave the input field(s) empty. Do not select a label or enter a zero. Assume that the partnership is not eligible for the QBI deduction.)




Adjusted gross income (AGI)
Minus:	Deductions from AGI:


Tom’s taxable income

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Reference

STANDARD DEDUCTION

Filing Status
Married individuals filing joint returns and surviving spouses	$24,400
Heads of households	$18,350
Unmarried individuals (other than surviving spouses and heads of households)	$12,200
Married individuals filing separate returns	$12,200
Additional standard deduction for the aged and the blind; Individual who is married and surviving spouses	$1,300*
Additional standard deduction for the aged and the blind; Individual who is unmarried and not a surviving spouse	$1,650*
Taxpayer claimed as dependent on another taxpayer’s return: Greater of (1) earned income plus $350 or (2) $1,100.
* These amounts are $2,600 and $3,300, respectively, for a taxpayer who is both aged and blind.

Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the Tax Cuts and Jobs Act reduces the personal exemption amount to $0 for tax years from 2018 through 2025, effectively suspending the exemptions for these years.

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