Support CenterHow do I get the QBI deduction on Form 8995A - How do I get the QBI deduction on Form 8995A, to populate on Form 1040 in SureFire?
🔍 How do I get the QBI deduction on Form 8995A in SureFire?
This guide explains how to ensure your QBI deduction is calculated using the correct IRS form (Form 8995A or Form 8995) so it populates on your Form 1040 in SureFire.
⚠️ Before You Begin
Before you proceed, make sure you understand which QBI deduction form applies to your situation based on your income and eligibility.
📊 Step-by-Step Guide
Step 1: Remove Form 8995A and add Form 8995 (when applicable)
Use this when you need to ensure the correct QBI deduction form is used.
Remove form 8995A from the return and add form 8995.
Step 2: Use Form 8995A when your income is above the IRS threshold
Use this when you meet the IRS criteria for Form 8995A.
Per the IRS instructions see below if income is less than 160,000 use form 8995.
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 2019 taxable income before your QBI deduction is more than $160,700 ($160,725 if married filing separately or a married nonresident alien; $321,400 if married filing jointly); or
- Youre a patron in a specified agricultural or horticultural cooperative.
Step 3: Otherwise, use Form 8995
Use this when you do not meet the criteria for Form 8995A.
Otherwise use Form 8995, Qualified Business Income Deduction Simplified Computation, to figure your QBI deduction.
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Tags: federal,form