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Use this form if your taxable income, before your qualified business income deduction, is at or below $182,100 ($364,200 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative.
Use Form 8995 to figure your qualified business income (QBI) deduction.
Information about Form 8995, Qualified Business Income Deduction Simplified Computation, including recent updates, related forms and instructions on how to file. Use Form 8995 to figure your qualified business income deduction.
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.
Use this form if your taxable income, before your qualified business income deduction, is at or below $163,300 ($326,600 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative. 1
Form 8995 is the simpler option, but it's only available to taxpayers who qualify. According to the TurboTax Link below, this Form will be available on 1/26/2023. Please click on "this tool" in the link for additional updates.
The purpose of 2023 Form 8995 is to determine the Qualified Business Income Deduction, also known as the Section 199A deduction, for owners of pass-through businesses. This deduction allows them to deduct up to 20% of their share of qualified business income.
How to Claim the Qualified Business Income Deduction in 2023. If you’re a small business owner or a self-employed individual, you may be eligible for a tax break that can save you up to 20% of your qualified business income (QBI).
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.
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....