Do I need to use form 8995 Qualified Busines Income Deduction Simplified Calculation if I did not make any money at all. Business is idle all year due to covid
business made negative income, idle cost of monthly insurance and other fees ended up costing us money last year so no money was paid to us personally. need to file taxes ASAP due to other reasons but turbo tax wont wrap up due to form 8995 not being available it is supposed to be available today but still not allowing me to finalize the tax return.
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1 Replies
AmyC
Expert Alumni
Jan 29, 2021 2:34:12 PM
If the QBI is only from business income/loss, then you would not need it. However, if you had sec 199a dividends or rental income, K-1, etc then you would still need the form.