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Use this form to figure your qualified business income deduction. Use separate Schedules A, B, C, and/or D, as appropriate, to help calculate the deduction.
- 2021 Form 8995
Use this form if your taxable income, before your qualified...
- 2021 Form 8995
Use this form if your taxable income, before your qualified business income deduction, is at or below $164,900 ($164,925 if married filing separately; $329,800 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative.
use Form 8995-A to figure the QBI deduction if: • You have QBI, qualified REIT dividends, or qualified PTP income or loss; and • Your 2021 taxable income before your QBI deduction is more than $329,800 married filing jointly, $164,925 for married filing separately, and $164,900 for all other returns; or
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.
General Instructions. Purpose of Form. Use Form 8995 to figure your qualified business income (QBI) deduction.
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.
Forms 8995 and 8995-A are used to calculate the QBID. Form 8995 is the simplified form and is used if all of the following are true: the individual has qualified business income (QBI), qualified REIT dividends, or qualified PTP income or loss; taxable income before QBID is less than or equal to certain thresholds: Taxable Income Limitation.
