JamesG1
Expert Alumni

Business & farm

IRS Form 8995 computes the Qualified Business Income Deduction and should 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 can delete the income or re-enter the income to make sure that the correct entry has been made.

 

See also this IRS Publication.

 

@Sunspot2

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"