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Form 8995 Department of the Treasury Internal Revenue Service Qualified Business Income Deduction Simplified Computation Attach to your tax return. Go to www.irs.gov/Form8995 for instructions and the latest information. OMB No. 1545-2294. 2023. Attachment Sequence No. 55. Name(s) shown on return. Your taxpayer identification number. Note.
Mar 25, 2024 · 2023. Instructions for Form 8995 - Introductory Material. Future Developments. For the latest information about developments related to Form 8995 and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form8995. General Instructions. Purpose of Form.
Current products. Form 8995 PDF. Instructions to Form 8995 ( Print version PDF) Recent developments. Correction to the 2022 instructions for Form 8995 -- 17-MAR-2023. Don’t include negative qualified dividends on Form 8995, Line 12 or Form 8995-A, Line 34 -- 19-MAR-2021. Other items you may find useful. All Form 8995 revisions.
Jan 16, 2024 · Form 8995 to figure the QBI deduction if: • You have QBI, qualified REIT dividends, or qualified PTP income or loss (all defined later); and • Your 2023 taxable income before your QBI deduction is less than or equal to $182,100 if single, married filing separately, head of household, qualifying surviving spouse, or are a trust or
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. Otherwise, you’ll use the longer Form 8995-A.
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.
Nov 20, 2023 · The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income on their taxes....
