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Business & farm
Thank you for pointing that out! I took a closer look at the 8995 which accumulates all QBI income that has been reported in other sections of the return(i.e. Sch C, E, 4797 etc.) in order to quantify the 199A deduction. It does not also include those income components reported elsewhere as 199A income. So the Form 8995 is only used to compute the deduction which shows up under the itemized deductions on the 1040. It's clear now.
‎April 6, 2021
3:56 PM