While reviewing Form 8995-A (Form 8995 Schedule A) of my federal return prior to E-filing, I noticed the values printed on lines 9 and 10 of Form 8995A appear to be incorrect:
Line 7 Subtract line 6 from line 5: 11,059
Line 8 Phase-in range: 50,000
Line 9 Divide line 7 by line 8: 0.002212 (incorrect, should be 0.22118)
Line 10 Applicable percentage. Subtract line 9 from 100%: 0.7788% (incorrect, should be 77.882%)
It looks like line 9 is being divided by 100, possibly due to an incorrect conversion of the result of the division from a percentage to decimal. The value on line 9 should just be the result of dividing line 7 by line 8 with no further calculations (11059/50000 = .22118).
It looks like line 10 is not being converted to a percentage. The value on line 10 should be calculated by subtracting the value in line 9 (.22118) from 1 (100%) and then multiplying the result by 100 to convert from the result from a decimal to a percentage (e.g. (1-.22118)*100 = 77.882%). The form is requesting the value to be a percentage.
All the other calculations on Form 8995-A appear to be correct. I don't think this will affect my e-filed form as all other calculations appear correct. There just appear to be formatting errors in the calculated values on lines 9 and 10 of the generated Form 8995-A. Has anyone else seen this error? How do I report this to Intuit for correction? Should I hold off on E-filing until Intuit corrects the printed form?
