Delete Form 8995

Forum|Forum|3 years ago
April 1, 2023
2 replies
0 views

I'm trying to delete from 8995 because I don't have any qualified business income or a business. I follow the instructions to delete the form and it says the form is deleted. But it is not.

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AliciaP1

Level 13

Form 8995 does not get created in TurboTax if you have not entered business income and marked it as Qualified Business Income. If you report rental income on Schedule E, it can be QBI if you answer the questions TurboTax prompts that it is. To find the trigger for the form you need to go back through the entire interview process for your entries on Schedule C, Schedule E, Schedule F, and/or Schedule K-1.

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ams0714Author

Level 2

Hi! Thank you for the response. I checked what was entered and I did not enter any info Schedule C, Schedule E, Schedule F, and/or Schedule K-1. It looks like the 8995 is getting created because I have a 1099-DIV with Section 199A Dividends reported on Line 5. This is being carried over to the 8995. The problem is that I do not have a business so Turbo Tax should not be creating the 8995. The 8895 then provides a deduction that is carried over to line 13 on the 1040.

JamesG1

Level 15

Yes, I received a 1099-DIV with an amount in Box 5. But the amount that is reported on Form 8995 Line 15 is for a qualified business income deduction. In the note section on Form 8995 it states that " You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or
business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. " None of these are applicable to me.

Further, box 1 wants Trade, business, or aggregation name , Taxpayer identification number, and Qualified business income or (loss).

I'm sorry I'm not understanding how I can claim a qualified business deduction when I do not qualify as any any type of organization as specified in the first paragraph.

You may be qualifying for the Qualified Business Income Deduction on the basis of the REIT / PTP component. See REIT/PTP Component under Q1 in this IRS document.

The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income. This component would be reported on 1099-DIV or a K-1.

@ams0714

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PhilMcMeen

Level 2

Form 8995 was transferred from 2021. The business is no longer in operation in any of 2022. How can I get rid of it in my 2022 Taxes?

It generates a lot of mileage questions etc...

Monikak11

Level 2

If you are certain that the form doesn't apply this year, you can delete it.

To delete a form in TurboTax Online:

Open or continue your return in TurboTax.
In the left menu, select "Tax Tools" and then "Tools".
In the pop-up window Tool Center, select "Delete a form".
Select "Delete" next to "Form 8995" and follow the instructions.

To delete a form using TurboTax Desktop:

Sign in to your TurboTax account
Switch to Forms Mode by selecting the Forms icon
From the menu, select the form you want to remove (if you don't see it, select Open Form at the top)
From the Forms menu, select Remove [form name]
Follow any onscreen instructions to remove the form or forms

For Mac users, the Forms menu appears at the top of the screen along with File, Edit, View, etc. When you click on the Forms menu, after selecting Form 8995, one of the choices will be "Remove Form 8995".