Which version of Turbotax can include 8995/8995-A

Forum|Forum|5 years ago
May 3, 2021
1 reply
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I was using Turbotax Deluxe and I had some 1099 income for the last couple of years. I don't remember I ever saw any 8995/8995-A added to my tax return.

Is any 1099 income possible to be eligible for 8995/8995-A?

Thank you!

TurboTax Deluxe Online

Best answer by ErnieS0

1099 income that is considered self-employment income generally qualifies for the Qualified Business Income (QBI) Deduction. For 2020, this income is reported on Form 1099-NEC.

Rental income reported on 1099-MISC may qualify for QBI. See IRS finalizes safe harbor to allow rental real estate to qualify as a business for qualified business income deduction.

Some dividend income reported on 1099-DIV may qualify for QBI. If so, there will be an amount on Box 5 Section 199A dividends.

E

ErnieS0Answer

1099 income that is considered self-employment income generally qualifies for the Qualified Business Income (QBI) Deduction. For 2020, this income is reported on Form 1099-NEC.

Rental income reported on 1099-MISC may qualify for QBI. See IRS finalizes safe harbor to allow rental real estate to qualify as a business for qualified business income deduction.

Some dividend income reported on 1099-DIV may qualify for QBI. If so, there will be an amount on Box 5 Section 199A dividends.

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wleuterAuthor

Employee

@ErnieS0 Thanks for your reply.

I have another job and received a w2 from my employer at the same time. Does it matter for me to apply for Qualified Business Income (QBI) Deduction? Or will Turbox tax add this document for me?