Form 8995

[rickschmidt52]

What is the data source for Form 8995? TurboTax shows some REIT dividend or PTP income on this form, but I don't have either. I want to correct the error. 

[JamesG1]

Form 8995 will report qualified business income from many sources including those you mentioned. 

Are you able to delete the form?  See TurboTax help. 

The form may not yet be available or fully functional until February 20, 2020.

See the forms availability here.

[Questionasker]

I have encountered the same issue that you have, and just posted a similar question to the community.  In other words my question is "where is the data from, which is being fed into line 6 on form 8995?"   (Although I think your question was more succinct, but looks like same issue!)

[rickschmidt52]

I have no business income. I've gone through the business income section twice to make sure nothing is entered there. I've reviewed all my other income sources and cannot find anything that matches the amount in Form 8995. Furthermore, there is no "left menu" with a Tax Tool on my version of TurboTax. I'm using the Mac version.

[rickschmidt52]

Yes, we are asking the same question. From where is TurboTax pulling the amount on Line 6 on Form 8995?

[Questionasker]

Regarding deleting that form, I can't comment on whether you should delete it or not, but if you do would this work for you?

View > Forms and then when when in forms view, looking at that form, below it to the left are buttons that say Print, Delete Form, Close Form. Delete should delete it.

However I suspect the underlying problem is a bug, since I encounter the same or something similar to your situation.

[rickschmidt52]

Check out this question. Be sure to read it carefully all the way through. TurboTax is picking up data from Box 5 on any 1099-DIV forms and filling in Line 5 on Form 8995. Take a look at your 1009-DIV forms and read the label on Box 5. It will refer to them as "Section 199A Dividends."

Bottom line: TurboTax is properly handling this and creating Form 8995.

[rickschmidt52]

Sorry forgot to post the link. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/199a-qbi-deduction/00/1102277#

[Questionasker]

Thank you.  I was just going to report the same answer, but you beat me to the punch!  I called support and stepped through the issue and came to the same conclusion!

[kurbitscottage]

It won't let me delete that or the worksheet for it.  I have the same problem.  When I ask where it came from, it takes me to 3 possible Schedule Ks - WHICH don't exist.

[kurbitscottage]

Rickschmidt52 thank you so much!

[JF2]

I have a 1099-DIV and line 5 is "0". I guess that is what triggered an 8995 for me. Stupid if the amount on the 1099-DIV is 0. I suppose it won't hurt to go ahead and file but I wonder if TT is going to fix this? I'm getting as refund and don't want to wait. BTW, I'm using a Mac this year for the first time.

[JamesG1]

I suspect that you downloaded the form with ‘0’ in box 5 of the 1099-DIV?

Is there other information on the 1099-DIV?  If not, can you delete the 1099-DIV and not generate form 8995?

If there is other information on the 1099-DIV, are you able to delete the 1099-DIV and re-enter the information by hand leaving the box 5 information untouched?

[JF2]

Do you have to file a 8995 if you had any income listed on a 1099-DIV? Yes, line 5 is 0 and yes it was downloaded. I do list an amount in box 1A.

[ThomasM125]

Probably the 0 in box 5 is what prompted the form 8995 to populate. I suggest you delete the 0 entry, just leave the box blank on your form 1099-DIV entry.

Then, delete the form 8995 by following these steps:

1. Find the Tax Tools option on your left menu bar and click on it

2. Click on Tools

3. Find Delete a Form and click on it

4. Look for form  8995 in the list of forms and click on the option to delete it