Question

Aggregating businesses on Form 8995-A

Forum|Forum|4 years ago
September 19, 2021
1 reply
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I have a partnership K-1 that shows a number of businesses. How do I enter information into TT to aggregate 4 of those businesses on Form 8995-A (qualified business income deduction)?

I can enter each business' info into a separate TT Qualified Business Income component worksheet at Section D1 but I can't get TT to aggregate the businesses that are marked as aggregated. I have also not figured out how to enter info into the TT QBI Schedule B Aggregation Statement.

My work around so far has been to enter the aggregated info into one component worksheet and add my own Schedule B Aggregation Statement. This means I will not be able to file electronically.

M-MTax

Unless I missed something I think you can still efile UNLESS you go ahead and do overrides.

S

Stemme50Author

I am trying to find out how to aggregate. I would have thought that you would fill out a separate form for each business, check an option to have them aggregate and then end up with an aggregated form. Also, I should be able to fill out the Schedule B aggregation. I have not figured out how to do that.

E filing does not seen possible if I have to submit a Schedule B aggregation schedule prepared outside of Turbo Tax.