Form 8995 is a newly created tax form used to calculate the Qualified Business Income Deduction (QBID). In some circumstances, form 8995-A may be used to calculate this deduction instead.
How do I add this form to my return?
Form 8995 and the QBID will be automatically generate and calculated based on your income entries. As long as qualifying income is entered, you will automatically receive this deduction if eligible.
What types of income qualify for QBID?
Qualified business income from domestic business operations from a sole proprietorship, S Corporation, Trust or Estate will be eligible for calculating QBID. On your return these types of income may be listed on Schedule C, Schedule F, Schedule E (if eligibility is met), and Schedule K-1.
Additionally, you may also be eligible for a QBID for income from Real estate investment trust (REIT) dividends and qualifying Publicly Traded Partnership (PTP) income. This type of income is usually shown on Form 1099-DIV or Schedule K-1.
How can I view Form 8995?
To review the automatically generated Form 8995 you will need to view the PDF copy of your return. This can be viewed by selecting Summary/Print on the left side menu and selecting to prepay to view the PDF.
For more information please see this IRS article.