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oldcowboyojunior

Question

We have a "Qualified Business Income Deduction Simplified Computation" Form 8895 in our return and We had no business last year or the one prior. Is this form is correct.

Forum|Forum|3 years ago
April 19, 2023
2 replies
0 views

How does the Form 8895 apply to fixed income couples that have no business income?

TurboTax Live Self Employed

Would you clarify, what is you business structure? What type of income do you have?

[Edit 04/19/2023 6:42 PST]

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oldcowboyojuniorAuthor

I had a UBER rideshare several years ago. I did no operations in 2022. Is that 8895 Information necessary?

You may have a qualifed business income (QBI) loss carryover from a previous year. It can only be deducted against QBI in future years, so if you don't anticipate having business income in the future you can delete the form 8895. Also, if you have K-1 schedules the income reported there may be considered QBI.

To delete a form in TurbTax, follow these steps:

Click on Tax Tools in the left menu bar
Click on Tools
Look under Other Helpful Links and choose Delete a form

Find the form or schedule you want to remove in the list and click on the delete icon to remove it.

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if you have dividend income look at box 5 - Section 199A dividends. That amount qualifies.