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Purpose of Form 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
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 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.
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.
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.
31 mar 2022 · Here’s some basic information about individual filing season tax return due date (s), tax payment due date (s) and requesting a filing extension, if needed. Tax Return Filing due dates: April 18, 2022 – For most taxpayers, the tax-filing deadline is April 18, 2022.
General Instructions. Purpose of Form. Use Form 8995 to figure your qualified business income (QBI) deduction.
