topic Re: Why do I need Form 8995-A? in Get your taxes done using TurboTax

Why do I need Form 8995-A?

Dutchman6900 — Thu, 13 Feb 2020 13:17:08 GMT

Greetings. TurboTax is telling me that I need to wait for form 8995A in order to complete my return and file. However, I do not have a business of any sort. Why would I need form 8995? Thank you.

Re: Why do I need Form 8995-A?

Irene2805 — Thu, 13 Feb 2020 14:36:38 GMT

Did you receive a K-1 from a partnership or S-Corporation? That could also trigger the Qualified Business Income (QBI) Credit (Form 8995A).

If not, see if the form appears in your list of forms and delete it. To do this, please follow these steps:

TurboTax Online

While in your return, click on Tax Tools > Tools (in the black bar at the side of your screen).
In the Tools Center, under Other helpful links click on Delete a form.
Click Delete next to the form you want to delete and follow the onscreen instructions.
Once you have finished deleting the desired form(s) click the Continue with My Return box (in the lower right of your screen).

TurboTax CD/Download

Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.
In the Forms in My Return list on the left, click on the form you wish to open and delete.
Click on the Delete Form box at the bottom of the screen.
To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.

Re: Why do I need Form 8995-A?

jlaserso — Sat, 15 Feb 2020 15:15:44 GMT

I had the same issue. Thanks for the advice however Turbotax just keeps adding the form back. It looks like I have a small amount of income from a mutual fund that is giving me a $2 deduction that is being reported on this form. I guess I will wait for the form. Good to know how to look at Forms view. Been ages since I have looked at the forms view and forgot it existed.

Re: Why do I need Form 8995-A?

lkglkg — Mon, 17 Feb 2020 14:51:26 GMT

this reply was more helpful than the initial entry, about minor mutual fund REIT. thanks!

Re: Why do I need Form 8995-A?

JeanAtkinson — Mon, 17 Feb 2020 20:08:05 GMT

See also this question, which has many people commenting (but no real solution...).

Re: Why do I need Form 8995-A?

LeonardS — Mon, 17 Feb 2020 21:47:17 GMT

You will "...Use Form 8995-A to figure your qualified business income (QBI) deduction. Include the following schedules (their specific instructions are shown later), as appropriate:

Schedule A (Form 8995-A), Specified Service Trades or Businesses (SSTB);
Schedule B (Form 8995-A), Aggregation of Business Operations;
Schedule C (Form 8995-A), Loss Netting and Carryforward;
Schedule D (Form 8995-A), Special Rules for Patrons of Agricultural or Horticultural Cooperatives..." Ref IRS Instructions for Form 8995-A (2019)Instructions for Form 8995-A

Re: Why do I need Form 8995-A?

Dutchman6900 — Tue, 18 Feb 2020 09:53:09 GMT

Same issue with TurboTax adding the form back in. I apparently have a $20 deduction from a REIT in a stock fund. I'll just wait for the online form to publish. Thanks for the help.

Re: Why do I need Form 8995-A?

gregnugget — Wed, 19 Feb 2020 17:20:07 GMT

I'm preparing to file taxes for my deceased mother and when reviewing the forms for filing before I hit send, Form 8995 popped up and produced a WTF moment. At least I can file since I can use the "Simplified Computation", but having this form titled Qualified Business Income Deduction when she clearly never had a business of any kind is beyond misleading for mutual fund dividends and capital gains. And the net result is zero anyway. What a waste.

Re: Why do I need Form 8995-A?

innsxtc — Thu, 20 Feb 2020 22:08:19 GMT

I'm using Turbotax CD version and I accidentally created an aggregated business (Form 8995 Schedule B) and now I can't delete it. How can I go back and say I don't want to aggregate so that I can get rid of the form?

Re: Why do I need Form 8995-A?

LeonardS — Thu, 20 Feb 2020 22:47:26 GMT

To delete Form 8995-A follow these steps:

With TurboTax open select Tax Tools in the left panel.
Select tools
Select delete forms
Select delete on the line for Form 8995-A
Select Delete Selected Form

Re: Why do I need Form 8995-A?

9551963 — Tue, 25 Feb 2020 17:46:10 GMT

Deleting this for didn't work.

When in the hell am I going to be able to file my taxes?

Re: Why do I need Form 8995-A?

JamesG1 — Tue, 25 Feb 2020 17:57:45 GMT

Do you report any of the following on your tax return?

Self-employment income (including 1099-Misc reported income),
K-1,
1099-Div box 5 income.

One of these items is generating the IRS 8995-A form.

See this TurboTax Help.

Re: Why do I need Form 8995-A?

innsxtc — Tue, 25 Feb 2020 18:01:53 GMT

I was able to fix my 1099 form and that took care of it

Re: Why do I need Form 8995-A?

Steve89 — Fri, 06 Mar 2020 23:29:00 GMT

I'm having the same trouble trying to disaggregate the combined businesses and eliminate schedule B. You spoke of the 1099, how did that solve your problem?

Re: Why do I need Form 8995-A?

LeonardS — Fri, 06 Mar 2020 23:43:54 GMT

Forms 8995-A is used to calculate your Qualified Business Income Deduction QBID.

Re: Why do I need Form 8995-A?

NM1 — Sat, 07 Mar 2020 06:10:16 GMT

I was having a problem with this on my daughter's return. She's a 23-year-old grad student, does not own a business or have business/self-employment income, no 1099-MISCs, does not have interest/dividend/investment income of any kind (because she has no investments and her bank account does not pay interest) so no 1099-DIVs/INTs, no carryforwards, etc. etc. Absolutely nothing on the 8995 was applicable, period. All the fields TT insisted on populating were 0. Yet every time I told TT to delete the form, it was immediately re-created, and was being included among the forms needed for filing her federal return despite all those 0s .

Eventually I tracked it down to some "QBI worksheet" that TT was referring to, which had no entries at all AFAICT. When I told TT to delete that worksheet, the bogus 8995 disappeared as well. This seems like a bug to me. If the worksheet is empty, the form should not even be generated, let alone included for filing.

Re: Why do I need Form 8995-A?

LB641 — Sun, 22 Mar 2020 20:29:22 GMT

Have the same issue. Many are asking why TT is generating this form. If we delete the form, TT adds it back. Is this a form that the IRS insists on having with our taxes? If so, why. If not, why is TT adding it, and adding it back when deleted. I have zeros, so not sure why the form is there. I too found that where the zeros have to be deleted from the worksheets, then delete the form, and then it might stay deleted. TT seems fairly insistent on including this form. Does the IRS expect it? Even with a zero, the form generates.

Re: Why do I need Form 8995-A?

KrisD15 — Sun, 22 Mar 2020 20:36:56 GMT

Form 8995-A calculates your Qualified Business Income Deduction.

If you report any business income, including dividends, the form is needed.

IRS link to Form 8995-A

Re: Why do I need Form 8995-A?

NM1 — Sun, 22 Mar 2020 20:56:02 GMT

> If you report any business income, including dividends, the form is needed.

But if you *don't* report any business income, *not even* dividends, the form is not needed and should not be generated. That's not what is happening. The form is being generated by TT and included with the documents *to be filed*, even when there is absolutely nothing to report on it. This is a bug.

Re: Why do I need Form 8995-A?

VictoriaD75 — Mon, 23 Mar 2020 01:07:57 GMT

You will have QBI if you have REIT Dividends reported in Box 5 of a 1099-DIV or on Section 199a on a Schedule K-1. The Form 8995 may be generating from one of these sources.