In 2023 my small business income showed on form 8995. This year, it is not showing on the 8995-A (Income over the 8995 limit). My business qualified last year as a qualified trade or business and the business has not changed. The net income from my business should be considered QBI, and should be on form 8995-A
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The QBI deduction amount depends on your total taxable income, which includes wages, interest, capital gains, and other income, in addition to income from your business. If your taxable income reaches or exceeds $191,950 (or $383,900 if filing jointly), the deduction may be reduced or eliminated, depending on the nature of your business. Here's a TurboTax Help Article that explains more on this topic.
How does Turbotax determine that my business is an SSTB? The IRS general definition is "the principal asset is the reputation or skill of one or more of its employees or owners". This is not the case for my business. Turbotax seems to think my business is an SSTB. How do I change that?
The "work description" you provide for your business determines its business code. TurboTax automatically assigns this code based on your description, and the IRS uses it to determine your SSTB (Specified Service Trade or Business) status.
Here’s how to change your business "work description" in TurboTax:
I changed it to a Work Description of Business Management Services, and a work industry of Office Administration. Business code shows 541510, which doesn't seem accurate, but I don't see how to change that.. Still not showing on 8995-A.
Here are some additional steps to help resolve this issue with your Form 8995A not populating:
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