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

Form 8995

Lisa D — Sat, 22 Feb 2020 17:01:26 GMT

I am ready to file and am still having problems with form 8995. I have updated TurboTax, including doing a manual update. I am still getting an error saying that a subsequent release will fix the problem. I really don't want to mail in my federal return, but that is about where I am. Thanks for any ideas that anyone has.

Re: Form 8995

Aaron4862 — Sat, 22 Feb 2020 21:13:52 GMT

I am having the same issues. Any chance you are using a Mac? Wondering if the software updates aren't up to speed. This is very frustrating.

Re: Form 8995

Lisa D — Sun, 23 Feb 2020 11:20:21 GMT

I am using Windows.

Re: Form 8995

jenv — Tue, 25 Feb 2020 21:42:11 GMT

I'm using a Mac. Talked to support who told me to keep checking back as the form isn't released into the software yet. Not sure what the hold up is. The form is there, but it's not populating from my K-! and giving me the deduction. Seems super late. Didn't have this problem last year

Re: Form 8995

BrandiLO — Sun, 01 Mar 2020 21:15:44 GMT

Please click here if you have a MAC. This link will help with force or manually updating the software. If this does not work, please click here to get in contact with customer care. Tell the agent on the phone that it is a known issue and that the solution is to push you first a federal soft, then state.

Re: Form 8995

PGH53 — Thu, 05 Mar 2020 19:39:31 GMT

I am trying to do my business taxes and Form 8995 is still not available. When will I see it? I am using CD/Download not online. I have been checking every day.

Re: Form 8995

LinaJ2020 — Sat, 07 Mar 2020 05:03:29 GMT

The form is available now 3/6/2020. Make sure you check the update in the program.

If you are using the TurboTax CD/Download software program, open the program, from the top, under Online, select Check for Updates.
Make sure to exit the program after the update, then return to re-open the program.

@PGH53

Re: Form 8995

way2go — Fri, 03 Apr 2020 19:34:32 GMT

I also had my taxes ready to go, but was willing to wait for the update that would make Form 8995 work. I just downloaded the latest update today (FPS=4.2.7.8 for the Mac). I went to my small business in easy step to unselect QBI (answering "No"), then select it again (answering "Yes"). Than I went to Form 8995 and it was still empty and non-enterable. However I tried again, saving and closing the tax document in between No and Yes, also saving again after Yes. Then Form 8995 listed my business with zero QBI (line 1). On a whim, I created a whole new tax return document for the year and only entered an amount in my schedule C income and said "Yes" to QBI. With only this data entry most (but not all) of my Schedule C income was listed on Form 8995 line 1 and I had a deduction on line 10. Maybe if I enter all my other tax details in this blank copy, my deduction will disappear. At least then I'll have a little confidence the form is responding to my data entry.

Re: Form 8995

DavidS127 — Sat, 04 Apr 2020 12:40:06 GMT

If you want to figure out what is "happening" to your QBI deduction from Schedule C, you can look at certain forms and worksheets within TurboTax. This is easy to do in a Download/CD version of TurboTax, but requires that you "print or preview" a PDF with all the forms and worksheets if you are using TurboTax Online.

In Forms mode of your TurboTax Home and Business (icon at top right in blue bar), find your Schedule C in the left column and click on it. The Schedule C will open in the window. Scroll down past the Part V to find the Qualified Business Income Deduction Smart Worksheet. Check question A and make a note of which QBI Component form is linked to your Schedule C. Then, "follow" your numbers through questions E-K in that smart worksheet to figure out "what happened" in your QBI calculation.

Those "smart worksheet" calculations "flow" to the separate QBI Component form for that business, and then to the QBI Ded Summary form to make the final QBI deduction calculations that show up on Form 8995 or 8995-A.

If the forms do not seem to be working correctly, you can try to delete the forms related to that Schedule C business that do not seem to be calculating properly, and go back through the Schedule C QBI questions.

Re: Form 8995

way2go — Thu, 09 Apr 2020 02:41:15 GMT

Thanks. That helped and I'm satisfied Turbo Tax did it correctly.

Re: Form 8995

ughwhy — Sat, 13 Jun 2020 18:24:28 GMT

Are we certain this is going to resolve it, if the software claims it is up to date? We're now in June and I'm getting this same issue. I have deleted a schedule C, no qualifying business for 2019, and no deductions relevant, but a blank 8995 cannot be deleted. The program just keeps telling me an update is coming to the form and they'll let me know when it's ready, but we know this isn't accurate, and I can't delete or add info to a form I don't seem to need this year. This is the known glitch and contacting support for some other update will resolve it?