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New Member
posted Jan 13, 2023 9:48:12 AM

My tax return on Turbo Tax is saying I need to file form 8995, but I don't own a business. I'm an independent contractor with Instacart.

I don't remember being required to file this form last year, and nothing with my tax situation has changed.

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3 Replies
Level 15
Jan 13, 2023 10:02:58 AM

You are self-employed as an independent contractor so you do have a business.  You are eligible for the Qualified Business Income Deduction using Form 8995.

Form 8995 is estimated to be finalized and available in TurboTax on 01/26/2023.

 

Note - The IRS will not be accepting any tax returns until 01/23/2023.

Level 15
Jan 13, 2023 10:03:13 AM

Form 8995 is used to calculate the Qualified Business Income deduction (QBI deduction).

 

If you are an independent contractor, you have business income.

Expert Alumni
Jan 13, 2023 12:39:59 PM

As the others above noted, as an independent contractor, you are in the business of providing services, grocery delivery in your case. This qualifies you to potentially receive a QBI deduction. This is good for you, because it reduces your taxable income.

 

Last year, is it possible that your Schedule C income (net of expenses) was less than zero? Then you would not have qualified for the QBI deduction, and thus, no 8995 for 2021.