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Business & farm
I suspect that the Qualified Business Income Deduction (QBID) will be generated by the entry of the 1099-NEC / Schedule C income and cannot be overridden.
When you delete the form, the form 8995 goes away and then is immediately re-generated because the 1099-NEC / Schedule C income is still there.
Only by excluding the income, can the Qualified Business Income Deduction be removed.
The Qualified Business Income Deduction can be generated from one of two components.
- The QBI component can 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 REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income. The second component could be reported on 1099-DIV or a K-1.
See this TurboTax Help.
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‎January 28, 2021
1:50 PM