IRS form 8995 computes the Qualified Business Income Deduction. The income which generates the form is listed on line 1 of the form.
The deduction may result from a sole proprietorship, partnership, S corporation, trust or estate.
- The first component would likely be reported on Schedule C, Schedule E, Schedule F or a K-1.
- The second component could be reported on 1099-DIV or a K-1. The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income.
Once you know the exact income that is generating the deduction, you can address:
- whether or not the deduction is appropriate, or
- whether the income has been reported correctly.
Was the 1099-MISC income reported on Schedule C Profit or Loss From Business? The Schedule C could have generated IRS form 8995.
See this TurboTax Help.
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