Hi- I filed my taxes for the year (2024) and ended up owing taxes for the first time. I did file the taxes, but had a nagging feeling that I should review my taxes again. I just looked at the forms that were filed and there is a Form 8995 that was added to my federal return and I have no idea why or where the amounts that are on it are coming from. I don't now nor have I ever had a business. The only income I had was my W-2, bank account interest and a dividend form from Acorns.
Can someone help with why this would populate with those forms of income and advise on how I amend?
Did the IRS form 1099-DIV report Section 199A dividends in box 5? If so, these dividends qualify you for the deduction.
See this IRS press release under What is the Qualified Business Income Deduction?
"This deduction, created by the 2017 Tax Cuts and Jobs Act, allows non-corporate taxpayers to deduct up to 20 percent of their Qualified Business Income, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income."
If your return has been transmitted and accepted by the IRS, you may amend your Federal 1040 tax return.
If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted.
If you used the CD/download product, sign back into your return and select Amend a filed return.
See also this TurboTax Help.
Did the IRS form 1099-DIV report Section 199A dividends in box 5? If so, these dividends qualify you for the deduction.
See this IRS press release under What is the Qualified Business Income Deduction?
"This deduction, created by the 2017 Tax Cuts and Jobs Act, allows non-corporate taxpayers to deduct up to 20 percent of their Qualified Business Income, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income."
If your return has been transmitted and accepted by the IRS, you may amend your Federal 1040 tax return.
If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted.
If you used the CD/download product, sign back into your return and select Amend a filed return.
See also this TurboTax Help.
Yes! Thank you James! I wish the online tool would have had a pop up for each form and what they mean. I really appreciate the clarification and rapid response time.
Have a great day!