Search results
Use this form if your taxable income, before your qualified business income deduction, is above $182,100 ($364,200 if married filing jointly), or you’re a patron of an agricultural or horticultural cooperative. Part I Trade, Business, or Aggregation Information.
2023. Department of the Treasury. Internal Revenue Service. Instructions for Form 8995. Qualified Business Income Deduction Simplified Computation. Section references are to the Internal Revenue Code unless otherwise noted. Future Developments.
Feb 5, 2024 · Who Can Take the Deduction. Individuals and eligible estates and trusts use Form 8995-A to figure the QBI deduction if: You have QBI, qualified REIT dividends, or qualified PTP income or loss; and. Your 2023 taxable income before your QBI deduction is more than $364,200 married filing jointly, and $182,100 for all other returns; or.
Nov 29, 2023 · 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....
May 18, 2022 · If you want to get a better understanding of this important deduction, you can review IRS FAQs as well as instructions to the tax forms -- Form 8995 and Form 8995-A-- used to claim the deduction.
