DavidS127
Expert Alumni

Get your taxes done using TurboTax

The Form 8995 is a form for your personal, individual tax return (Form 1040).  It is generated when you have eligible business income such as income from an S Corp you own.  The income from the S Corp goes into your Form 1040 when you enter the Schedule K-1 you received from your S Corp.  During the entry of that K-1, you should have entered a code V for box 17, and then a couple of screens later entered the "Section 199A information" from a Statement or STMT (sometimes called a "Statement A") that came with the K-1.

 

With that background:

  1. The Form 8995 should have your name and SSN, because you are the individual filing this form, based at least in part on the income from your S Corp K-1.
  2. The Form 8995 picks up the QBI amount from the "source" forms.  You may have QBI from sources other than your S Corp K-1, including another K-1, a Form 1099-DIV box 5, a Schedule C self-employed business, or a Schedule E rental property.  For your S Corp, you would have entered the amounts from the box 17 code V "Section 199A" Statement/STMT when you entered your K-1, on a screen "We need some more information about your 199A income or loss".  But, any income amounts entered there will be reduced by any self-employed health insurance deductions you have.  You would need to look at any "source" forms you have, and also the QBI Component worksheets for these sources, to see the details behind your QBI calculation.  To see those with Online, you'll have to create a PDF of your tax return with the worksheets.
  3. If you have a QBI loss carryover from 2018, enter it at Income>>Other Business Situations>>Net Operating Loss/QBI Carryforward Loss.
  4. Line 6 would have come from either a Form 1099-DIV box 5, or a K-1 from a Publicly Traded Partnership (PTP) entered in your tax return.
  5. What you enter on your box 17 screen doesn't get into the QBI calculation.  You must Continue through the interview and enter your Section 199A Statement amounts on the "We need some more information about your 199A income or loss" screen.  Click the box on a line you need, and other boxes will open up to enter your amounts.  These are the amounts that TurboTax uses in the QBI deduction calculation.
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