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I did not have a business in 2021, how do I remove the Form 8995 (Qualified Business Income Deduction Simplified Calculation) requirement that is delaying me from filing?

I didn't work in 2021 and don't know why I'm being required to complete this form (which isn't available until the end of the month)
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5 Replies

I did not have a business in 2021, how do I remove the Form 8995 (Qualified Business Income Deduction Simplified Calculation) requirement that is delaying me from filing?

Do you have other income like from a K-1?  It can come from other things.  See this FAQ

 

What is the 20% QBI Deduction and how it's calculated

https://ttlc.intuit.com/community/credits-and-deductions/help/what-is-the-qualified-business-income-...

DaveF1006
Expert Alumni

I did not have a business in 2021, how do I remove the Form 8995 (Qualified Business Income Deduction Simplified Calculation) requirement that is delaying me from filing?

It depends. To clarify, did you have any other income such as K1 income or rental income?

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I did not have a business in 2021, how do I remove the Form 8995 (Qualified Business Income Deduction Simplified Calculation) requirement that is delaying me from filing?

No, not at all. I'm a disabled veteran. The year prior, however, I had self employment income, since I worked in life insurance. I did not apply any W-2s to this year's income tax statements, being that I don't have any.

I did not have a business in 2021, how do I remove the Form 8995 (Qualified Business Income Deduction Simplified Calculation) requirement that is delaying me from filing?

No, I don't have a K-1 either. Thanks for the link. I reviewed it and do not see anything that would apply to the 2021 tax year 

I did not have a business in 2021, how do I remove the Form 8995 (Qualified Business Income Deduction Simplified Calculation) requirement that is delaying me from filing?

It's probably the old Sch C that transferred over ... if you did not say it was closed in 2020 then it was transferred forward so now you need to remove it.

 

FAQ:   How do I delete a prior-year Schedule C business that transferred over?

Don't delete your business if it closed sometime in 2021.   Instead, report the business and make sure you select I sold (or disposed of) my business in 2021 on the Tell us about your business screen.

 

Otherwise, follow these instructions to delete a business that transferred over from your 2020 return but is no longer owned by you as of January 1, 2021.

Instructions

  1. With your return open, search for this exact phrase: business (schedule c) (include the parentheses) and then click the "Jump to" link in the search results.
  2. Answer Yes when asked if you had (or want to work on) business income and expenses for 2021.
    • That's right – you'll need to answer Yes, even though it doesn't make sense.
    • If you're being forced to upgrade to Home & Business, contact us for further assistance.
  3. When you get to the Business info or Business Summary screen, click Delete next to the defunct business.
  4. Answer Yes to confirm the removal of all business-related forms.
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