How do you delete Form 8995 QBI Deduction?

[YellowMamba]

Filed a Schedule C in 2018 and business was closed in 2018.  I have nothing to report on Sch C business yet this form 8995 continues to appear with zero amounts. 

How do you delete Form 8995 as I continue to click delete yet it continues to repopulate for Federal.

[YellowMamba]

So apparently you have delete all Carryover amounts even any ZEROS on the Carryover WKS under Qualified Business Income Deduction (Section 199A) carryovers section (#s 29 and 30).

Make sure to delete and not put a ZERO.

[c_11]

I have a similar question, I am getting FM 8995 and the QBI summary with a small dollar value, however I don't have a small business so not sure where to go back to, to delete any information entered?  if I override it and enter a zero, it is not happy saying don't do that for error correction.  thanks for your thoughts,

[AmyC]

QBI can come from stock market investments (what it is named for), K-1 forms, rental houses and business. Did you have none of the above?

@c_11

[c_11]

Ah, thank you!  I found in my Stock Investments the amount comes from a Section 199A dividend.  Many thanks for your kindness and helping out, most appreciated 🙂

[AmyC]

So glad we could help and save you a little bit!  😄

[LB641]

same issue.... Have the same issue. Many are asking why TT is generating this form. If we delete the form, TT adds it back. Is this a form that the IRS insists on having with our taxes? If so, why. If not, why is TT adding it, and adding it back when deleted. I have zeros, so not sure why the form is there. I too found that where the zeros have to be deleted from the worksheets, then delete the form, and then it might stay deleted. TT seems fairly insistent on including this form. Does the IRS expect it? Even with a zero, the form generates.

[DavidS127]

TurboTax is adding the form back after you delete it because there is an entry somewhere that requires the Form 8995.  Check to make sure you don't have 1099-DIV box 5 Section 199A dividends, or a K-1 with qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income. 

In other words, you can get the Qualified Business Income (QBI) deduction even if you don't personally run a business, because the QBI deduction also applies to things other than income from businesses you run personally.  

Eligible taxpayers to deduct up to 20 percent of their 1099-DIV box 5 Section 199A dividends, qualified real estate investment trust (REIT) dividends, and qualified publicly traded partnership (PTP) income. 

You do not enter this deduction, it is automatically calculated by TurboTax based on your other entries, so you should be able to find one of the above types of income entered in your tax return from a 1099-DIV or a Schedule K-1.

[AngelaSmith]

You have to delete the QBI worksheet first, then delete form 8995 or it will not work.  

Tax>Tax Tools>Delete a Form (delete both of them)