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fat-guy
Returning Member

How to delete Qualified Business Income deduction (Form 8995) from turbotax online?

I have a rental that is managed by PM, so I definitely put in less than 250 hours per year. So I do not think I am qualified for QBI. So when I was asked the three questions:

"Do you want to take the QBI safe harbor?"

"Is this Qualified Business Income?" 

"in 2021, did you have any activities... had income attributable to SSTBs", 

I put all negative answers. But at the end I still got several dollars QBI deduction and form 8995. How should I delete these? 

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3 Replies
MarilynG1
Employee Tax Expert

How to delete Qualified Business Income deduction (Form 8995) from turbotax online?

If you're using TurboTax Online, go to Tax Tools > Tools in the left-side menu, then choose 'Delete a Form' from the pop-up screen.

 

Delete Form 8995 and any other QBI Worksheets.

 

If the Form 8995 comes back into your return, your QBI deduction could also be related to a Schedule C, a K-1, or a 1099-Div entry.  

 

If this applies, here's more info on Why Am I Getting a QBI Deduction.

 

@fat-guy 

 

 

 

 

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fat-guy
Returning Member

How to delete Qualified Business Income deduction (Form 8995) from turbotax online?

Thanks. Finally found out I do have $15 section 199a dividend in fidelity 1099-div, which generates $3 deduction in Form 8995. I know this is favorable to me, but is it ok to delete this $15 dividend and not take the deduction? I just do not think $3 is worth for extra forms and involvement in sth related to "business". Will IRS care about this "mistake" even if I opt to take less deduction?

JohnB5677
Employee Tax Expert

How to delete Qualified Business Income deduction (Form 8995) from turbotax online?

No, the IRS has a rule about the accuracy of tax returns.

 

You must make every effort to include all income in your tax return.  

  • However, your tax return must be "substantially correct".  
  • The IRS defines this as: "For individuals, a substantial understatement of tax applies if you understate your tax liability by 10% of the tax required to be shown on your tax return or $5,000, whichever is greater."  

Accuracy-Related Penalty

So, your $3 will not raise an eyebrow.

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