Question

I'm being told I cant file until I receive my 8995 form but I don't think I need one. I have part time Uber income but it shouldn't need the 8995 form?

Forum|Forum|5 years ago
January 28, 2021
2 replies
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TurboTax Self Employed Online

Employee

"Being told" by whom?

You don't "receive" a Form 8995. It's part of your tax return. It calculates the Qualified Business Income (QBI) deduction. Your Uber income almost certainly qualifies for the deduction. When you enter your self-employment income from Uber, TurboTax will automatically fill out Form 8995 for you. You will see the QBI deduction on line 13 of your Form 1040.

M

MinhT1

Your Uber income is qualified business income which makes you eligible for the 20% qualified business income (QBI) deduction which is reported on form 8995.

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G

gusgus38-Author

Thank you for that. I haven’t had Uber income before so it was confusing, do you know when taxes can be completed? The file page says that form isn’t ready so I can’t complete the filing. It said today originally and now it says tomorrow?

rjs

Employee

I have no inside information about when Form 8995 will be available in TurboTax. I'd be surprised if it's available tomorrow. The IRS just released the form two days ago. There was a TurboTax update today. It's not likely that there would be another update tomorrow. But the IRS is not going to start accepting 2020 tax returns until February 12, so there's no rush to finish your tax return. If you "file" your tax return now with TurboTax it will not really be filed. TurboTax will just hold it until the IRS begins accepting returns on February 12. Nothing will be done with it before then. If you submit it early, be aware that you can't cancel it or get it back to make changes or corrections if you find that you made an error or left something out.