Form 8995

[JF2]

I'll need to delete all imported forms from my broker and then input manually. When it comes to the 1099-DIV I'll leave the 199A entry blank instead of 0. I hope that will delete the 8995 on its own as I don't see how I can manually delete it. I'm running TT Premier installed on a Mac. Thanks

[JF2]

Never mind, I think I see where to delete it after all.

[JF2]

Could not delete the 8995. Didn't make any difference if I entered the data manually. 

[VictoriaD75]

@JF2 Do you have any other business income on your return? Deleting the REIT dividends should remove the 8995. But, you must delete and not enter 0.

[wright15671]

When I electronically filed today, the IRS kicks back my taxes because they show a problem with line 13 on Schedule 3.  There is a zero recorded on line 13 with no associated box(D) description for it which the IRS does not appear to accept.   I have form 8995-A in my return that was created because of a Vanguard Mutual Fund reporting 55.00 in 199A dividends in box 5 on form 1099-DIV.   In the 8995-A form,  it calculates line 40 with zero REIT dividend credit and it moves the zero to line 13 of Schedule 3.

  It appears that overrides prevent me from electronic filing.   I could delete form 8995-A form, but I am a little concerned because it is sent to IRS and I do have that 55.00 in 199a  dividends.  This appears to be a problem between Turbo Tax is handling the population of line 13 on Schedule 3 and what the IRS will allow through.  

Any advice or any work arounds would be appreciated.  I really prefer not to file manually.    

[drd123]

Same problem here. And have tried about a DOZEN times to find "TAX TOOL" on the left hand side of ANY menu. It is not there in my TurboTax premiere ... FRUSTRATED

[BillM223]

@drd123

Tax Tools is only on the Online version of the TurboTax product. Admittedly, the large majority of our users here use the Online product, which is why this might be mentioned first.

In the CD/download version of the product, you delete a federal form (if that's what you want to do) by clicking on Forms (upper right), then scrolling down the list of forms on the left. When you open a form, there should be a "Delete Form" at the bottom of the form's view.

[rbpember]

Thank you! This was driving me nuts but I now see an entry on my 1099-DIV, line 5, Section 199A Dividends for $3.97, which Turbo Tax dutifully rounded up the $4 and then entered on my 8995.

[albertd3]

Turbo Tax posted the Fed Tax number with my compay name as a line item on form 8995 rather than my social security number for the qualified business income. How do I correct this?

[LB641]

Have the same issue. Many are asking why TT is generating this form. If we delete the form, TT adds it back. Is this a form that the IRS insists on having with our taxes? If so, why. If not, why is TT adding it, and adding it back when deleted. I have zeros, so not sure why the form is there. Read one post where the zeros have to be deleted from the worksheets, then delete the form, and then it might stay deleted.

[64dancer]

I have to fill out 8995-A and also SCH A for that form. Problem is, I can't figure out how to tell Turbo Tax that I am a SSTB. Do they ask that question somewhere and I missed it? 

[ThomasM125]

When you enter your K-1 schedule and complete the box 20 entries associated with code "Z" (For S corp box 17 & code V), you will be asked if your income is over the threshold for the phaseout of your QBI deduction ($326,600 married joint or $163,300 single/other.) If you indicate that your income is over the threshold amount, then you will see the option to indicate that you are a specified service trade business (SSTB.) You will see a similar question if you are entering rental or self-employment income.

If your income is under those amounts, then you don't need to indicate that you are an SSTB, since your QBI deduction will not be limited based on your status as an SSTB.

So, look for the question regarding your income in the section where you entered your business income.

[64dancer]

Schedule A of Form 8995-A Line 9 (where you just divide Line 7 by Line 😎 is WRONG, which in-turn causes Line 10 to be WRONG! Their decimals are in the WRONG spot. Funny thing is, Line 11 has the correct number, but not because Turbo Tax followed the line instructions.  See Lines 2 & 7 - 11 below:

2 QBI                                                                                                                          616  (CORRECT)

7 Subtract line 6 from line 5                                                                             19,875  (CORRECT)

8 Phase-in range. Enter $50,000 ($100,000 if married filing jointly)     100,000   (CORRECT)

9 Divide line 7 by line 8                                                                                0.001988   (S/B  0.1988, NOT  0.001988)

10 Applicable percentage. Subtract line 9 from 100%                            0.8012%    (S/B  80.12%, NOT  0.8012)          11 Applicable percentage of qualified business income or (loss). Multiply line 2 by line 10       494  (CORRECT)

If I followed the Line 11 directions with their numbers, Line 11 would be 4.94, not $494.

How do we get this fixed by Turbo Tax???

[MEHZark]

Regarding your answer.  My 1099-Div, Line 5 (Section 199A Dividends) shows the value 10.84.  Box 5 on Form 8995 shows the value 795.  I have nothing in any 1099 that corresponds to 795.  I would like to delete 795 and input 10.84 but TT does not let me do that.  Any suggestions?