2689240
I'm a full-time employee, owning some stocks, etc.
TurboTax Desktop Premier generated a Form 8895 with $27 on line 15 "Qualified business income deduction".
What could I have possibly done to get TurboTax to generate a Form 8895 for me?
I did not explicitly indicate anywhere that I run any business!
Line 6 of the 8895 "Qualified REIT dividends and publicly traded partnership (PTP) income or (loss)" indicates $136.
Is that from some obscure stock/mutual fund I own?
What do I need to do to stop that 8895?
I already have Schedule A and B, not sure if I need D instead of the 8895.
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form 8895 is needed to calculate the QBI deduction (1040 line 13) which can be 20% of REIT/199A dividends reported on line 5 of form 1099-DIV.
you do not have to take the deduction. to eliminate it you would need to delete line 5 on each 1099-Div you have.
form 8895 is needed to calculate the QBI deduction (1040 line 13) which can be 20% of REIT/199A dividends reported on line 5 of form 1099-DIV.
you do not have to take the deduction. to eliminate it you would need to delete line 5 on each 1099-Div you have.
Thanks @Mike9241!
I see this line in the Help too: "REIT income is also reported on Statement A with Schedule K-1. It may also be reported on Form 1099-DIV. This income is most commonly identified as "Section 199A dividends" on reporting forms, or may also be referred to as "REIT dividends"
I don't recall dealing with Form 8895 before...
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