turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

mld3817
New Member

Not self-employed, nor do I own a business but am getting forms 8995 and QBI Deduction. Deleted both forms, but QBI ded still showing up. How can I get this cleaned up?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
DawnC
Expert Alumni

Not self-employed, nor do I own a business but am getting forms 8995 and QBI Deduction. Deleted both forms, but QBI ded still showing up. How can I get this cleaned up?

You may not need to delete it.   Do you have a 1099-DIV with amounts in Box 5?   That income is qualified business income (QBI).  

 

Generally, you may be allowed a deduction of up to 20% of your apportioned net qualified business income (QBI) plus 20% of your apportioned qualified REIT dividends, also known as section 199A dividends, and qualified publicly traded partnership (PTP) income from the trust or estate.

 

Other reasons you may be getting a QBI Deduction

 

For the purposes of the deduction, QBI is defined as net business income, excluding:

 

  • Income generated outside the United States
  • Investment income
  • W-2 compensation paid to an S corporation owner
  • Guaranteed payments to a partner
  • Income from REITs, publicly traded partnerships, and qualified cooperatives (these entities may qualify for a 20% deduction under a different set of rules, the explanation of which is beyond the scope of this article)
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
mld3817
New Member

Not self-employed, nor do I own a business but am getting forms 8995 and QBI Deduction. Deleted both forms, but QBI ded still showing up. How can I get this cleaned up?

Thank you!

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question