topic Form 8995 in After you file

Form 8995

jbfld6 — Wed, 21 Feb 2024 02:07:37 GMT

Why is form 8995 being printed in 2023 return and with numbers? Doing return for Father In Law for first time?He basically has 14K income via IRA/Annuity and 30K Social Security? Form is printing with some entries as last form in Federal Return? Not sure where it is getting numbers or why?

Re: Form 8995

Critter-3 — Wed, 21 Feb 2024 02:13:11 GMT

He probably has a QBI carryover from a prior tax year so the form is being populated. It probably has not any affect on the return so just ignore it.

Re: Form 8995

DawnC — Wed, 21 Feb 2024 02:22:40 GMT

Is there anything on Line 13 (QBI deduction) of Form 1040? As mentioned above, it could be carried over from a previous year, or does he have any 1099-DIV forms with amounts in Box 5? That box represent dividends that qualify for the QBI deduction.

Why am I getting a Qualified Business Income Deduction? Other possible reasons you are seeing the 8995 form.

Re: Form 8995

jbfld6 — Wed, 21 Feb 2024 14:11:24 GMT

Thanks folks for weighing in much appreciated. This was the first time I used TurboTax for him so no carryover from previous returns was possible. He did however have $30 in Box 5 one his Dividend statement. I suspect this was the issue and it applies percentages to the dividends to see if he qualifies for a credit? Does not apply anything or seem to affect his return so I assume working as designed and simply include with the following.