I do not have a business or any business income. For some reason, TT is generating a Form 8995 for me. It reports my taxable income in lines 11 and 13 and then calculates the 20% for line 14. All other lines show 0. The only thing I found was a Forum comment regarding it being triggered by Form 1099-DIV, which I have and imported from Fidelity, and an amount for Section 199A Dividends which for me is $0.00. What else could be the cause? I didn't have a Form 8995 last year with TT. Should I just go ahead and file?
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Correction, on the Form 8995 Line 6 is blank not 0.
Also, I do not have any pass-through entities, REIT dividends, or PTPs
Is there other information on the 1099-DIV form?
Are you able to delete the form, then re-enter all the data except box 5?
If there is no other information on the form, are you able to delete the form and not generate a form 8995?
on the 1099-div form blank out the line with $0 for 199A dividends. $0 is not blank.
On the 1099-DIV, I have an entry in box 1A. All other lines are $0 or blank. The information was imported from Fidelity, so I guess I can try to delete it an enter it manually. I don't think I should have to. Is this a bug?
I can't edit the 1099-DIV as it is one of the documents that was imported from Fidelity. I would have to delete all the forms and input each manually. Dear TurboTax, change the code to look for 199A to be > 0.
I'm preparing two different returns, and both want to include Form 8995, which is unrelated to anything I'm doing. I have tried every suggestion included in this thread, to no avail. This is obviously a bug in TurboTax. For me, the problem occurs only when working on a return that was transferred from last year. Here's why I have come to this conclusion.
I started modifying one of my returns, eventually removing all line items that had anything to do with dividends, interest, pensions, etc. The Form 8995 was still there! Then I basically created a "new" return, entering the same information, and this time there was no Form 8995!! It appears to me that something is being transferred that causes the problem.
Why do i have a form 8995 this year
I just spent a lot of time with a TT person on chat and shared screen for this shame issue! She could not find out why it's there. If it's a bug with TT and I get audited, I'll be really mad.
Form 8995 is for the Qualified Business Income deduction. There are many reasons why you may get a QBI deduction. See this TurboTax FAQ for possible reasons why.
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