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Information about Form 8995, Qualified Business Income Deduction Simplified Computation, including recent updates, related forms and instructions on how to file. Use Form 8995 to figure your qualified business income deduction.
Mar 25, 2024 · Use Form 8995 to figure your qualified business income (QBI) deduction.
Use this form if your taxable income, before your qualified business income deduction, is at or below $182,100 ($364,200 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative.
Feb 5, 2024 · Use Form 8995-A to figure your qualified business income (QBI) deduction. Include the following schedules (their specific instructions are shown later), as appropriate: Schedule A (Form 8995-A), Specified Service Trades or Businesses. Schedule B (Form 8995-A), Aggregation of Business Operations.
Nov 29, 2023 · To claim the Qualified Business Income Deduction, file Form 8995 or Form 8995-1A along with your Form 1040. You can use Form 8995 if your 2023 total taxable income (before the qualified business income deduction) is less than $182,100 ($364,200 for joint filers) and you're not a patron of an agricultural or horticultural cooperative.
Form 8995 is the IRS tax form that owners of pass-through entities—sole proprietorships, partnerships, LLCs, or S corporations—use to take the qualified business income (QBI) deduction, also known as the pass-through or Section 199A deduction.
For more information on what qualifies as a trade or business, see Determining your qualified trades or businesses in the Instructions for Form 8995-A or Form 8995. The deduction is available regardless of whether taxpayers itemize deductions on Schedule A or take the standard deduction.
