Why did turbotax create a 8995 for me if i don't own a business?

englertaimee1 · ‎May 17, 2021

DawnC · ‎May 17, 2021

This deduction applies to Schedule C filers (sole proprietorships and other self-employed businesses), LLCs, partnerships, S corporations, estates, and trusts. Certain rental enterprises may also qualify. Corporations are not eligible. If you do not have a business reported on your tax return, you probably have REIT dividends reported. Form 1099-DIV with dividends marked in box 5 qualify for the QBI deduction. K-1 entries also generate QBI deductions.

Do I qualify for the qualified business income deduction?

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DawnC · ‎May 17, 2021

This deduction applies to Schedule C filers (sole proprietorships and other self-employed businesses), LLCs, partnerships, S corporations, estates, and trusts. Certain rental enterprises may also qualify. Corporations are not eligible. If you do not have a business reported on your tax return, you probably have REIT dividends reported. Form 1099-DIV with dividends marked in box 5 qualify for the QBI deduction. K-1 entries also generate QBI deductions.

Do I qualify for the qualified business income deduction?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Why did turbotax create a 8995 for me if i don't own a business?