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O
otis18-
March 2, 2021
Question

On form 8995, how was the amount of qualified business income determined?

  • March 2, 2021
  • 1 reply
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1 reply

H
HelenC12
March 2, 2021

With the QBI deduction, most self-employed taxpayers and small business owners can exclude up to 20% of their qualified business income from federal income tax (but not self-employment tax) whether they itemize or not.

 

To see how the QBI was calculated on Form 8995, click here and scroll down to How is the deduction calculated?

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