Question

Form 8995

Forum|Forum|6 years ago
February 22, 2020
2 replies
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I am ready to file and am still having problems with form 8995. I have updated TurboTax, including doing a manual update. I am still getting an error saying that a subsequent release will fix the problem. I really don't want to mail in my federal return, but that is about where I am. Thanks for any ideas that anyone has.

A

Aaron4862

I am having the same issues. Any chance you are using a Mac? Wondering if the software updates aren't up to speed. This is very frustrating.

L

Lisa DAuthor

I am using Windows.

W

way2go

I also had my taxes ready to go, but was willing to wait for the update that would make Form 8995 work. I just downloaded the latest update today (FPS=4.2.7.8 for the Mac). I went to my small business in easy step to unselect QBI (answering "No"), then select it again (answering "Yes"). Than I went to Form 8995 and it was still empty and non-enterable. However I tried again, saving and closing the tax document in between No and Yes, also saving again after Yes. Then Form 8995 listed my business with zero QBI (line 1). On a whim, I created a whole new tax return document for the year and only entered an amount in my schedule C income and said "Yes" to QBI. With only this data entry most (but not all) of my Schedule C income was listed on Form 8995 line 1 and I had a deduction on line 10. Maybe if I enter all my other tax details in this blank copy, my deduction will disappear. At least then I'll have a little confidence the form is responding to my data entry.

DavidS127

If you want to figure out what is "happening" to your QBI deduction from Schedule C, you can look at certain forms and worksheets within TurboTax. This is easy to do in a Download/CD version of TurboTax, but requires that you "print or preview" a PDF with all the forms and worksheets if you are using TurboTax Online.

In Forms mode of your TurboTax Home and Business (icon at top right in blue bar), find your Schedule C in the left column and click on it. The Schedule C will open in the window. Scroll down past the Part V to find the Qualified Business Income Deduction Smart Worksheet. Check question A and make a note of which QBI Component form is linked to your Schedule C. Then, "follow" your numbers through questions E-K in that smart worksheet to figure out "what happened" in your QBI calculation.

Those "smart worksheet" calculations "flow" to the separate QBI Component form for that business, and then to the QBI Ded Summary form to make the final QBI deduction calculations that show up on Form 8995 or 8995-A.

If the forms do not seem to be working correctly, you can try to delete the forms related to that Schedule C business that do not seem to be calculating properly, and go back through the Schedule C QBI questions.

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