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Get your taxes done using TurboTax
IRS Form 8995 computes the Qualified Business Income Deduction and may reduce your tax burden by reporting a deduction on line 13 of the Federal 1040 tax return.
The first component of the deduction would likely be reported on Schedule C, Schedule E, Schedule F, a K-1, from a sole proprietorship, partnership, S corporation, trust or estate.
The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income. This component would be reported on 1099-DIV or a K-1.
If you can identify the source of the Qualified Business Income, you may be able to delete and re-enter the income so as to not qualify for the deduction.
See also this IRS Publication.
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March 13, 2023
7:24 AM