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Seemingly spurious entry on Form 8995

On the Form 8995 generated for my return, TT lists four entities:

  • The name and partnership employer ID numbers for each of the two LPs I've invested in.
  • The name and EIN for the sole proprietorship I report on Schedule C.
  • Me: my name and SSN.

I'm suspicious about the last of these.

 

TT also generates a Qualified Business Income Component Worksheet for each of these entities. In the box above line 1 on these worksheets, the name and tax ID number is shown for the LPs and my sole proprietorship, but on the worksheet for me alone, there's just my name:

biz name blurred.png

Unless there is a reason for TT to treat me as an individual separately from me as a sole proprietor, the entry on From 8995 for me, as well as on the corresponding QBI Component Worksheet, seem unnecessary.  If they are, how can I get TT to avoid generating them? 

 

(I checked to see if TT thought I ran two Schedule C businesses, but in interview mode, only one business is shown, and TT generates only one Schedule C for the return.)

I'm running the desktop Home & Business version of TT on Windows.

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1 Best answer

Accepted Solutions

Seemingly spurious entry on Form 8995

The component worksheets are generated for each activity but are not filed - for your eyes only

 

I can't duplicate your issue. what i list in box C as the business name on schedule C appears on the component worksheet as both the aggregate name at the top and the business name in the middle.and the 8995 that is filed. I using a different desktop version and created two k-1's and a schedule c and i ended up with only 3 component worksheets, one summary worksheet and the 8995 which only reported the schedule c once using the business name.  

 

so unless the 8995 is reporting the same amounts from schedule c twice I wouldn't worry about the duplicate component worksheet though I admit it shouldn't exist. 

 

.  

View solution in original post

1 Reply

Seemingly spurious entry on Form 8995

The component worksheets are generated for each activity but are not filed - for your eyes only

 

I can't duplicate your issue. what i list in box C as the business name on schedule C appears on the component worksheet as both the aggregate name at the top and the business name in the middle.and the 8995 that is filed. I using a different desktop version and created two k-1's and a schedule c and i ended up with only 3 component worksheets, one summary worksheet and the 8995 which only reported the schedule c once using the business name.  

 

so unless the 8995 is reporting the same amounts from schedule c twice I wouldn't worry about the duplicate component worksheet though I admit it shouldn't exist. 

 

.  

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