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January 15, 2021

Form 8995 Qualified Business Income Deduction Simplified Computation has not been finalized by the IRS. See the forms availability here.

 

Use Form 8995 to figure your qualified business income (QBI) deduction. Individual taxpayers and some trusts and estates may be entitled to a deduction of up to 20% of their net QBI from a trade or business, including income from a pass-through entity, but not from a C corporation, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

  • However, your total QBI deduction is limited to 20% of your taxable income, calculated before the QBI deduction, minus net capital gain. For additional information, click here. 
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