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Question

Why do I have to wait for form 8995, even though I have no business income? 🤔 Also, does anyone know when we can file with the option to deduct the fee from our return?

Forum|Forum|2 years ago
January 11, 2024
1 reply
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I received this error message on Turbotax (in the ‘Review’ section) about them needing form 8995 or 8995a to continue , but I do not have a business or business income. This form shouldn’t be necessary for me.

TurboTax Deluxe Online

did you get a 1099-DIV with an amount on line 5. Those qualify for the QBI deduction. Don't know how much they affect your taxes you can delete line 5 to see the effect. Also, if you have unused QBI loss carryfowards they don't go away because you no longer have a business.