Desktop Premire Form 8995-A and Schedule C

[Mydearman]

Why F8995-A Line 2 shows 0?  Which input data flows to this Line?

Where do I have the system calculate the loss netting because of the carryover from 2022?

[dev145]

Hello Mydearman,

Line 2 on form 8995-A comes form qualified business income, (i.e SE income, k1 income, 1099-DIV income, certain trust and estate income etc.). 

If you have a QBI loss from 2022, it will go on form 8995, line 3

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

[Mydearman]

All K-1 income are input but not showing on Line 2 therefore the loss netting is not calculated.

[dev145]

On K1 entries, did you answer and inputted all the info. about Section 199A/QBI deductions (Code Z, box 20 for 1065 and code V box 17 for 1120S? If those are missing, TurboTax will not calculated QBI. 

[Mydearman]

Yes.  all K-1 Box 20Z info have been input.  

[dev145]

Without looking at actual entries, it is hard to tell why TurboTax is not pulling in the QBI numbers to form 8995-A. For 2023, do you have overall loss or there is a net business income when combined from different sources?

Also do you see form 8995 or not? Please note 8995-A might not be generated depending on certain situations. See below.

Purpose of Form

Use Form 8995-A to figure your qualified business income (QBI) deduction. Include the following schedules (their specific instructions are shown later), as appropriate:

• Schedule A (Form 8995-A), Specified Service Trades or Businesses

• Schedule B (Form 8995-A), Aggregation of Business Operations

• Schedule C (Form 8995-A), Loss Netting and Carryforward

• Schedule D (Form 8995-A), Special Rules for Patrons of Agricultural or Horticultural Cooperatives

https://www.irs.gov/instructions/i8995a