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nicolef465
New Member

What is form 8995? Why is it saying I can't file until this form is ready?

 
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DMarkM1
Employee Tax Expert

What is form 8995? Why is it saying I can't file until this form is ready?

The form 8995 is used to figure your qualified business income (QBI) deduction.  If you have a business (1099 income), or an amount in box 5 of a form 1099-DIV, or you have a form K1 from a Public Traded Partnership, those could each trigger the form 8995.  

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DoninGA
Level 15

What is form 8995? Why is it saying I can't file until this form is ready?

Form 8995-A, Qualified Business Income Deduction

Unless you have entered some type of business, rental property or a Schedule K-1 on your tax return, there is no reason for a Form 8995 to be included in your tax return.

 

Click on Tax Tools on the left side of the screen.  Click on Tools.  Click on Delete a form

Critter
Level 15

What is form 8995? Why is it saying I can't file until this form is ready?

That is a new form that takes the place of a worksheet last year AND it is GOOD for you so you WANT it ... if you click on the REVIEW tab you will see that it is expected to be ready 1/23 (subject to change) and since the IRS will not process any returns until 1/27 you can afford to be patient. 

nicolef465
New Member

What is form 8995? Why is it saying I can't file until this form is ready?

What is it for though? I don't own a business. So, if it's for that, I don't need it.

Critter
Level 15

What is form 8995? Why is it saying I can't file until this form is ready?

If you triggered it by mistake use the delete instructions in the first answer. 

Critter
Level 15

What is form 8995? Why is it saying I can't file until this form is ready?

lttrash
New Member

What is form 8995? Why is it saying I can't file until this form is ready?

but what triggers this form? I dont see anything I did on my return that should trigger it

LinaJ2020
Expert Alumni

What is form 8995? Why is it saying I can't file until this form is ready?

Form 8995  "Qualified Business Income Deduction Simplified Computation" is used to figure your qualified business income (QBI) deduction. Individual taxpayers and some trusts and estates may be entitled to a deduction of up to 20% of their net QBI from a trade or business.  

 

If this form does not apply to you, you can simply remove it from the program. Here are the steps: 

 

In TurboTax online,

  • Sign in to your account, select Pick up where you left off
  • To your left, Select Tax Tools/drop-down menu
  • Select Tools
  • Under Other helpful links, choose to Delete a form
  • Select Delete next to Form 8995  and Continue with My Return to proceed

@lttrash @nicolef465

 

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Critter
Level 15

What is form 8995? Why is it saying I can't file until this form is ready?

@lttrash 

 

Do you have a 1099-DIV with an amount in box 5 ? 

112923
New Member

What is form 8995? Why is it saying I can't file until this form is ready?

I need to delete this form as I filled in by mistake.

CatinaT1
Employee Tax Expert

What is form 8995? Why is it saying I can't file until this form is ready?

1) Open your tax return.

2) Go to the left side of the screen and click on Tax Tools, then Tools

3)  From the pop-up Tools Center  menu, select  Delete a form

4) Scroll to find the Form 8995 and Delete it.

5) Scroll to the bottom of the list and hit the button to Continue My Return

 

That should do it.

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yoshimiwatada35
New Member

What is form 8995? Why is it saying I can't file until this form is ready?

where does Turbotax get the information for 8995

DMarkM1
Employee Tax Expert

What is form 8995? Why is it saying I can't file until this form is ready?

The form 8995 is used to figure your qualified business income (QBI) deduction.  If you have a business (1099 income), or an amount in box 5 of a form 1099-DIV, or you have a form K1 from a Public Traded Partnership, those could each trigger the form 8995.  

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
Danderson7
New Member

What is form 8995? Why is it saying I can't file until this form is ready?

So I have to file a 1099-NEC so I should be patient and wait on this form correct?

Cynthiad66
Employee Tax Expert

What is form 8995? Why is it saying I can't file until this form is ready?

The PATH Act, P.L. 114-113, Div. Q, sec. 201, accelerated the due date for filing Form 1099 that includes nonemployee compensation (NEC) from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC. Beginning with tax year 2020, use Form 1099-NEC to report nonemployee compensation.

 

Form 1099-NEC

Redesigned Form 1099-MISC.

Due to the creation of Form 1099-NEC, IRS has revised Form 1099-MISC and rearranged box numbers for reporting certain income.

Changes in the reporting of income and the form’s box numbers are listed below.

  • Payer made direct sales of $5,000 or more (checkbox) in box 7.

  • Crop insurance proceeds are reported in box 9.

  • Gross proceeds to an attorney are reported in box 10.

  • Section 409A deferrals are reported in box 12.

  • Nonqualified deferred compensation income is reported in box 14.

  • Boxes 15, 16, and 17 report state taxes withheld, state identification number, and amount of income earned in the state, respectively.

Use Form8995 to figure your qualified business income (QBI) deduction. Individual taxpayers and some trusts and estates may be entitled to a deduction of up to 20% of their net QBI from a trade or business, including income from a pass-through entity, but not from a C corporation, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. However, your total QBI deduction is limited to 20% of your taxable income, calculated before the QBI deduction, minus net capital gain.

 

According to IRS website, this form will not be ready until February 7 2021.  Your return evidently needs this computation to accurately compute your taxes.

 

Because of the dates for both of these documents, I suggest you wait to ensure the accuracy of your tax return.

 

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