- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Do I need to fiile Form 8995 (Qualified Business Income Deduction ) if my small business had loss in 2022?
I started my single-member LLC last year, and no business income but just business expense.
When TurboTax asked me , if my business 'is qualified business income', I selected 'Yes', then Turbotax generated Form 8995 -Qualified Business Income Deduction for me. (My business income is supposed to be QBI qualified if I have any. That's why I select 'Yes'). On this form, the business loss was reported, naturally, the QBI deduction=0. Is that fine to file my tax along with this $0 deduction form? or Should I select 'No, none of this work is qualified' so that TT won't generate Form 8995 for my business this year?
March 19, 2023
6:42 AM