Form 8995 Qualified Business Income deduction

Forum|Forum|1 year ago
March 6, 2025
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I have not had a business in a few years - yet this form popped up. I have gone through all of the "business" part of turbo tax (wages & income -- Business Items and Rental Properties and royalties) and everything is negative / zero as I have no business. No entries at all in any of those categories. I tried going to the form directly and it won't let me delete it. HELP??

ThomasM125

That is for reporting a qualified business income deduction (QBI). It can come from your ownership in a partnership or S corporation that would be reported on a Schedule k-1. It can also come from real estate investment trust dividends that are reported on a 1099 form or K-1. Actually, most ownership interests you have in a business entity can generate QBI income. So, you may have something you entered in the current year that is generating Form 8995.

If not, you may have a QBI carryover loss from a previous year. To remove that, you will have to go into the business section and find the page that says Let's Gather your Business Info, and find Less Common Business Situations and update the section that says Net Operating Loss/QBI Carryforward Loss: