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

[kldymond]

That doesn't work.  It's still there even though I deleted.

[chrissiechristian]

That's what I am seeing too.  I tried to delete it and it's still there.  

[JamesG1]

IRS Form 8995 is used to report the Qualified Business Income Deduction.  The QBID can can be generated by Schedule C, Schedule E, Schedule F or a K-1 as a result of a sole proprietorship, partnership, S corporation, trust or estate.

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

If you can identify the source of the QBI, you can delete the form and re-enter or run through the TurboTax questions to make sure that the correct entry has been made.

Forms availability shows that the form may not be finalized until January 28.

[kingl4life]

So if you are self employed (schedule c) you must wait on this form? or delete this form? 

[CatinaT1]

I suggest waiting for the form.  This will be beneficial for your bottom line.  

Additionally, the IRS will not start processing returns until February 12, so waiting for this form is not slowing down the processing of your return.

[jtivat]

I delete it and it still will not let me file it says the IRS has not finalized one or more of your forms. I then go back in and 8995 is still there I have tried deleting it again.

[ToddL99]

You probably need to delete another form, in addition to the Form 8995.

Information entered in Schedules C, E, F, and K-1 determine whether the TurboTax program will generate a Form 8995. If you had one of these forms from last year (2019), the program will copy it to your 2020 tax file. It does this to make sure you don't forget to see if you need to report the same income in 2020.

If there is a Schedule C, E, F, and/or  K-1 in your 2020 tax file, you won't be able to delete the Form 8985.

If you don't need to report a Schedule C, E, F, and/or K-1in 2020, use the Delete a Form tool to remove them and the Form 8995.

Delete Forms in TurboTax Online 

[JML TWO]

I have tried to delete this form (which I don't need or use) multiple times using the "remove form" action under the Forms dropdown menu. It will not go away, it's all I need to file electronically. Turbo Tax tells me that I can file by mail, but I don't want to use snail mail.

[MarilynG1]

If you have tried to delete Form 8995 and it reappears, there is something in your return that is generating the form.

It is actually a Deduction for you (which is good) so you may want to be patient and wait for the form to be ready so you can claim the deduction. 

Click this link for some reasons why you may be generating Form 8995 for Qualified Business Income (QBI) Deduction.

[JML TWO]

I used this form serval years ago. I have not declared ANY business gains or losses for years, but the form won't go away. It is the only thing stopping me from filing. 

[AmyC]

Investments, K-1, business, and rental all potentially qualify for QBI. Usually, it is in the dividends, when not readily identified. Sec 199a dividends qualify.

See:

• Qualified Business Income Deduction | Internal Revenue ...
• What is QBI? IRS newsroom
• QBI FAQ

The IRS does not open until February 12. They work on forms from most common to least common. See Federal form availability for expected release dates. Once released, we work to incorporate them quickly.

[Andrashanash]

Why does it says my EIC is wrong and I need a 8995 form I never recieved a form abs I called IRS and I didn't owe ant money 

[JamesG1]

@Andrashanash

Use Form 8995 Qualified Business Income Deduction Simplified Computation to figure your qualified business income (QBI) deduction.

The Qualified Business Income Deduction can be generated from one of two components. 

• The QBI component can result from a sole proprietorship, partnership, S corporation, trust or estate.  The first component would likely be reported on Schedule C, Schedule E, Schedule F or a K-1. 
• The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income.  The second component could be reported on 1099-DIV or a K-1.

Are you reporting one or more of these types of income?

Hard to know about the Earned Income Credit (EIC) without seeing the details on your tax return.  EIC qualifications are here.

First, you must have earned income.  The IRS defines earned income as: 

• Taxable income you earned as an employee, such as wages, salaries, commissions, and tips,
• Profits from operating your business or farm,
• Long-term disability pay if received before the minimum retirement age,
• Union strike benefits. 

Here are all of the requirements to qualify for the Earned Income Credit: 

• Have earned income; and
• Have been a U.S. citizen or resident alien for the entire tax year; and
• Have a valid Social Security number (not an ITIN) for yourself, your spouse (if filing jointly), and any qualifying children on your return; and
• Not have investment income exceeding $3,650; and
• Not be filing a Form 2555 or 2555-EZ; and
• File a return with the Single, Married Filing Jointly, Head of Household, or Qualifying Widower filing status, even if you're not required to file a return. 

In addition, both your earned income and Adjusted Gross Income (AGI) may not exceed: 

• $15,820 if you're not claiming a qualifying child ($21,710 if filing jointly);
• $41,756 if you're claiming 1 qualifying child ($47,646 if filing jointly);
• $47,440 if you're claiming 2 qualifying children ($53,330 if filing jointly);
• $50,954 if you're claiming 3+ qualifying children ($56,844 if filing jointly).

Hope this is helpful.

[Chulaloca21]

So this form is being triggered by last years  income tax return even If I did not have a business for this years taxes. I had one for 2021? 

[DoninGA]

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@Chulaloca21 wrote:

So this form is being triggered by last years  income tax return even If I did not have a business for this years taxes. I had one for 2021? 

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If you no longer have a business in 2022 then you can delete the Form 8995.

Click on Tax Tools on the left side of the online program screen

Click on Tools

Click on Delete a form