Question

I don't have a business, yet an 8995 form was added to my tax return! I have a1099-DIV form that lists Sect 199A dividends that seems to be the source of it. Why?

Forum|Forum|6 years ago
March 15, 2020
2 replies
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This came from an inherited IRA account from my deceased Mother. She didn't have a business either

TurboTax Deluxe Online

Employee

An inherited IRA is reported on a 1099-R form that has nothing to do with a 8995 or 1099-DIV whatsoever.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

ColeenD3

Yes, your 1099-DIV has Box 5 entries that qualify for QBI deductions.

Box 5. Shows the portion of the amount in box 1a that may be eligible for the 20% qualified business income deduction under section 199A. See the instructions for Form 8995 and Form 8995-A.

Beginning in 2018 (until the end of 2025), if you are a taxpayer other than a corporation, you are generally allowed a deduction of up to 20% of your qualified real estate investment trust (REIT) dividends. Qualified REIT dividends from a mutual fund are reported in Box 5 of your Form 1099‑DIV.

Form 1099-DIV