topic Re: Form 8995 in Get your taxes done using TurboTax

Form 8995

rickschmidt52 — Thu, 13 Feb 2020 23:20:14 GMT

What is the data source for Form 8995? TurboTax shows some REIT dividend or PTP income on this form, but I don't have either. I want to correct the error.

Re: Form 8995

JamesG1 — Thu, 13 Feb 2020 23:47:11 GMT

Form 8995 will report qualified business income from many sources including those you mentioned.

Are you able to delete the form? See TurboTax help.

The form may not yet be available or fully functional until February 20, 2020.

See the forms availability here.

Re: Form 8995

Questionasker — Fri, 14 Feb 2020 02:39:03 GMT

I have encountered the same issue that you have, and just posted a similar question to the community. In other words my question is "where is the data from, which is being fed into line 6 on form 8995?" (Although I think your question was more succinct, but looks like same issue!)

Re: Form 8995

rickschmidt52 — Fri, 14 Feb 2020 02:43:12 GMT

I have no business income. I've gone through the business income section twice to make sure nothing is entered there. I've reviewed all my other income sources and cannot find anything that matches the amount in Form 8995. Furthermore, there is no "left menu" with a Tax Tool on my version of TurboTax. I'm using the Mac version.

Re: Form 8995

rickschmidt52 — Fri, 14 Feb 2020 02:47:41 GMT

Yes, we are asking the same question. From where is TurboTax pulling the amount on Line 6 on Form 8995?

Re: Form 8995

Questionasker — Fri, 14 Feb 2020 02:58:37 GMT

Regarding deleting that form, I can't comment on whether you should delete it or not, but if you do would this work for you?

View > Forms and then when when in forms view, looking at that form, below it to the left are buttons that say Print, Delete Form, Close Form. Delete should delete it.

However I suspect the underlying problem is a bug, since I encounter the same or something similar to your situation.

Re: Form 8995

rickschmidt52 — Fri, 14 Feb 2020 03:17:56 GMT

Check out this question. Be sure to read it carefully all the way through. TurboTax is picking up data from Box 5 on any 1099-DIV forms and filling in Line 5 on Form 8995. Take a look at your 1009-DIV forms and read the label on Box 5. It will refer to them as "Section 199A Dividends."

Bottom line: TurboTax is properly handling this and creating Form 8995.

Re: Form 8995

rickschmidt52 — Fri, 14 Feb 2020 03:18:32 GMT

Sorry forgot to post the link. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/199a-qbi-deduction/00/1102277#

Re: Form 8995

Questionasker — Fri, 14 Feb 2020 04:16:41 GMT

Thank you. I was just going to report the same answer, but you beat me to the punch! I called support and stepped through the issue and came to the same conclusion!

Re: Form 8995

kurbitscottage — Sat, 15 Feb 2020 19:03:56 GMT

It won't let me delete that or the worksheet for it. I have the same problem. When I ask where it came from, it takes me to 3 possible Schedule Ks - WHICH don't exist.

Re: Form 8995

kurbitscottage — Sat, 15 Feb 2020 19:09:00 GMT

Rickschmidt52 thank you so much!

Re: Form 8995

JF2 — Mon, 24 Feb 2020 00:25:46 GMT

I have a 1099-DIV and line 5 is "0". I guess that is what triggered an 8995 for me. Stupid if the amount on the 1099-DIV is 0. I suppose it won't hurt to go ahead and file but I wonder if TT is going to fix this? I'm getting as refund and don't want to wait. BTW, I'm using a Mac this year for the first time.

Re: Form 8995

JamesG1 — Mon, 24 Feb 2020 00:37:32 GMT

I suspect that you downloaded the form with ‘0’ in box 5 of the 1099-DIV?

Is there other information on the 1099-DIV? If not, can you delete the 1099-DIV and not generate form 8995?

If there is other information on the 1099-DIV, are you able to delete the 1099-DIV and re-enter the information by hand leaving the box 5 information untouched?

Re: Form 8995

JF2 — Mon, 24 Feb 2020 02:25:15 GMT

Do you have to file a 8995 if you had any income listed on a 1099-DIV? Yes, line 5 is 0 and yes it was downloaded. I do list an amount in box 1A.

Re: Form 8995

ThomasM125 — Mon, 24 Feb 2020 02:36:15 GMT

Probably the 0 in box 5 is what prompted the form 8995 to populate. I suggest you delete the 0 entry, just leave the box blank on your form 1099-DIV entry.

Then, delete the form 8995 by following these steps:

1. Find the Tax Tools option on your left menu bar and click on it

2. Click on Tools

3. Find Delete a Form and click on it

4. Look for form 8995 in the list of forms and click on the option to delete it

Re: Form 8995

JF2 — Mon, 24 Feb 2020 03:10:45 GMT

I'll need to delete all imported forms from my broker and then input manually. When it comes to the 1099-DIV I'll leave the 199A entry blank instead of 0. I hope that will delete the 8995 on its own as I don't see how I can manually delete it. I'm running TT Premier installed on a Mac. Thanks

Re: Form 8995

JF2 — Mon, 24 Feb 2020 03:14:18 GMT

Never mind, I think I see where to delete it after all.

Re: Form 8995

JF2 — Mon, 24 Feb 2020 03:44:44 GMT

Could not delete the 8995. Didn't make any difference if I entered the data manually.

Re: Form 8995

VictoriaD75 — Tue, 25 Feb 2020 01:09:23 GMT

@JF2 Do you have any other business income on your return? Deleting the REIT dividends should remove the 8995. But, you must delete and not enter 0.

Problems with IRS Accepting Return with Zero in Line 13 because of new 8995-A Form

wright15671 — Tue, 25 Feb 2020 21:09:44 GMT

When I electronically filed today, the IRS kicks back my taxes because they show a problem with line 13 on Schedule 3. There is a zero recorded on line 13 with no associated box(D) description for it which the IRS does not appear to accept. I have form 8995-A in my return that was created because of a Vanguard Mutual Fund reporting 55.00 in 199A dividends in box 5 on form 1099-DIV. In the 8995-A form, it calculates line 40 with zero REIT dividend credit and it moves the zero to line 13 of Schedule 3.

It appears that overrides prevent me from electronic filing. I could delete form 8995-A form, but I am a little concerned because it is sent to IRS and I do have that 55.00 in 199a dividends. This appears to be a problem between Turbo Tax is handling the population of line 13 on Schedule 3 and what the IRS will allow through.

Any advice or any work arounds would be appreciated. I really prefer not to file manually.