1398475
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.

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.

Delete Form 8995

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. 

Delete Form 8995

Use an actual browser to find the tools. Problem solved. 

I found them simply by using iPhone’s default browser. 

jchmcl09
New Member

Delete Form 8995

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

AmyC
Expert Alumni

Delete Form 8995

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

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Delete Form 8995

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

Irene2805
Expert Alumni

Delete Form 8995

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

  • business income (1099s);
  • an amount in box 5 of a form 1099-DIV; or
  • Form K1 from a Public Traded Partnership.

 

If none of these situations apply, you can delete the form, using these steps:

 

 

TurboTax Online

  1. While in your return, click on Tax Tools > Tools (in the black bar at the side of your screen).  
  2. In the Tools Center, under Other helpful links click on Delete a form.
  3. Click Delete next to the form you want to delete and follow the onscreen instructions. 
  4. 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

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

@900884

Delete Form 8995

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!

Delete Form 8995

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.

Delete Form 8995

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. 

1rn
Returning Member

Delete Form 8995

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.   

JamesG1
Expert Alumni

Delete Form 8995

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:

  • You have QBI, qualified REIT dividends, or qualified PTP income or loss......
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
1rn
Returning Member

Delete Form 8995

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

DaveF1006
Expert Alumni

Delete Form 8995

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.

 

@1rn

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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