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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.
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.
Mar 25, 2024 · Use Form 8995 to figure your qualified business income (QBI) deduction.
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.
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 20, 2023 · What is the qualified business income deduction? The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed and small-business owners to deduct up to...
