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Use this form if your taxable income, before your qualified business income deduction, is at or below $170,050 ($340,100 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative.
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.
2022 Form 8995. Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative.
To claim the Qualified Business Income Deduction, file Form 8995 or Form 8995-1A along with your Form 1040. 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.
8995. Note: You can TREASURY/IRS. claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative.
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.
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.