Form 8995

[mjflic]

I tried to determine how to eliminate the need for Form 8995 but the Turbotax Program insisted that I have a QBI (REIT DIVIDEND) and I do not, never have and will not. I filed what I consider a flawed 2021 Tax Return.          That is why I purchased Audit Defense

[JamesG1]

IRS Form 8995 Qualified Business Income Deduction Simplified Computation will be included in the tax return if the tax return contains income that could qualify for  a qualified business income deduction.  The income source will be listed on line 1.

REIT dividends could qualify the tax return for a QBI 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 (all defined later),

Qualified REIT dividends include any dividends you received from a REIT held for more than 45 days and for which the payment isn’t obligated to someone else and that isn’t a capital gain dividend or qualified dividend, plus your qualified REIT dividends received from a regulated investment company (RIC). This amount could be reported on a Schedule K-1 or on IRS Form 1099-DIV, line 5.

[ssu11321]

I have a QBI statement but Turbo tax business is not showing the 8995 but it is giving me the credit on my 1040.

Where the heck is the 8995 so I can send with my corporate return 1120S?

[JamesG1]

Are you asking where to locate the IRS form 8995  or 8995-A?  If so, the form will be found with your IRS form 1040 tax return forms.

In the online versions, you may view or print at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets after you have paid for the software.

In the Desktop versions, one can look at the tax return by clicking FORMS, or by viewing the PDF through the Print Center.

Information about the Qualified Business Income Deduction may be found here.