2494561
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

fredreddy
New Member

Turbotax calcuation for 8995 - qualified business income deduction, appears incorrect. how does one verify turbo calculation before printing return?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ThomasM125
Expert Alumni

Turbotax calcuation for 8995 - qualified business income deduction, appears incorrect. how does one verify turbo calculation before printing return?

You would need to look at each entry on the form 8995 and investigate which ones you feel are incorrect. 

 

You need to keep in mind that the qualified business income (QBI) deduction is very complex and as such may contain provisions that you are not familiar with. For instance, the QBI deduction cannot be more than 20% of your adjusted gross income before the QBI deduction. Also, you must subtract any self-employment tax or IRA/SEP plan contributions from your business income to arrive at your QBI. Also, your deduction can be limited by your income and the nature of the work you do. You must also factor in prior year used business losses. It is not as simple as taking your business income and multiplying it by 20%.

 

Here is an article that you may find helpful:

 

QBI deduction

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question