1398475
You'll need to sign in or create an account to connect with an expert.
The tax tools answer is the solution to form deletion. But the key thing missing to her answer is those tools can only be found through an actual browser. I was able to find them simply by using iPhone’s browser.
Use an actual browser to find the tools. Problem solved.
I found them simply by using iPhone’s default browser.
I need tp delete this 8995 but I can't find the Tax Tools or the drop down people are talking about. I need very elementary step by step instructions to do this. I have the Deluxe product. Last year, I had Premier
Thanks so much
f the program wants you to take a tax credit, chances are you should take it. If you are trying to delete this form but you have something that triggers it, the program will want to replace it. Please be sure you have no investments with sec 199a dividends, no K-1, no rental, no business before deciding to delete this form.
See:
As for deleting the form 8995, the directions in How to Delete seems insufficient. Instead of the app, you should be logged into the program at www.turbotax.intuit.com
@jchmcl09
ready to efile but on checking I find that TurboTax has filled out form 8995 and I get a $1 credit.
The problem --I do not have a business and need to have this form deleted
Form 8995 - Qualified Business Income Deduction Simplified Computation is used to figure your qualified business income (QBI) deduction. Individual taxpayers and some trusts and estates may be entitled to a deduction of up to 20% of their net QBI from a trade or business.
The form 8995 is used to figure your qualified business income (QBI) deduction. If you have a
If none of these situations apply, you can delete the form, using these steps:
TurboTax Online
TurboTax CD/Download
Look under tools, then delete forms... If you see any worksheet forms that does a two year comparison, and it does not apply to you anymore, then delete those forms... Then scroll down to the 8995 form, and it should be deleted as well... Also if you scroll down to your state, and it shows the business name in that area that does not apply to you anymore then delete that as well...
Then back out from that page, and go back to the main page “to review”... Continue to “step 3” - “Get ready to save and file your returns”- “click start” until you get to the page where it says: “Let’s take one last look at your returns and review forms” Scroll down through your forms, and it should not be listed there anymore... Then go to your federal 1040 form to line item (13), and it should be blank with out a “0” or a number in the box...
It took me a while to figure this out myself, I hope this helps!
VictoriaD75,
Thank you so much for pointing out that Form 8995 Qualified Business Income deductions can be driven by 1099-DIV REIT dividends.
I thought Turbotax had gone nuts on my Form 8995 by claiming REIT/PTP deductions I didn't earn (along with the 1099-NEC items I expected), and I was struggling with what to do about it, when I came across your post. You explained it all very nicely.
If you have mutual funds, check for a 199a dividend from a mutual fund. Item 5 of 1099-div. Form 8995 was been generated for me based on this. The QBI designation is confusing.
So I have the credit from the 1099-div form but dont have a business. Do I just remove the amount from box 5 of my 1099-div form.
You should not have to remove the amount from your tax return.
IRS Form 1099-DIV box 5 Section 199A dividends qualify your tax return for the Qualified Business Income Deduction.
IRS Form 8995 Instructions page 1 states:
Who Can Take the Deduction
Individuals and eligible estates and trusts that have QBI use Form 8995 to figure the QBI deduction if:
Thanks for responding to me. You mentioned I could take the credit as an individual. I have no businesses. However another expert from turbo tax told me to delete the form 8995. Which response is correct
The post by JamesG1 is correct if you have QBI, qualified REIT dividends, or qualified PTP income or loss. You are entitled to a QBI deduction as an individual if you have a 1099 DIV with an amount listed in Box 5.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Diasanthony524
New Member
mullbrooks
New Member
DavidBG
New Member
kckingpin2
New Member
jimdeissler
New Member