The Qualified Business Income Deduction, also known as the Section 199A deduction, allows owners of pass-through businesses to deduct up to 20% of their share of qualified business income. This measure that was created by the Tax Cuts and Jobs Act applies to a few common business structures including:
To claim the deduction on Form 1040, there are two potential tax forms. Form 8995 is the simpler option, but it's only available to taxpayers who qualify.
According to the TurboTax Link below, this Form will be available on 1/26/2023. Please click on "this tool" in the link for additional updates.
Forms Available
If you do not qualify for Form 8995 you can Delete the Form as follows:
- Under Tax Tools, choose Tools.
- Choose Delete a Form.
- Scroll through your return until you find QBI worksheets, and click Delete to the right of the form.
- Confirm that you wish to delete the form.
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