In addition to owning a business, the are other reasons you may get a Qualified Business Income (QBI) deduction. Here are some of the investment items that trigger the QBI and Form 8995:
- Form 1099-DIV with an amount in box 5.
- Schedule K-1, box 20, code Z.
- Some rental and royalty activities.
You can delete Form 8995 if you truly have no business, no 1099-DIV, no K-1s, no rentals, no royalties, no REITs or self-employment.
- From inside the return, scroll down to Tax Tools on the bottom of the left side menu.
- Select Tools.
- Click on Delete a form (third on the list at the bottom of the screen).
- Find Form 8995 on the list of forms.
- Click Delete to the right.
- Confirm your Delete.
- Click Continue in the lower right.
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