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Can someone please show me where an IRS publication tells you what exactly to put on line 1 of this form 8995? Since it says "qualified business income (or loss)", it would appear be the same as line 31 of my Schedule C.
But I'd feel a lot better if it actually said that somewhere...and if it does, I can't find it.
This might be too late to help, but I just finished my own taxes, and you're right, it's not very clear. As best I can tell, QBI is your net business income minus any deductions you can take because of your business income, like contributions to an HSA or the employer's portion of self-employment tax. The instructions for form 8995 indicate that QBI is *not* necessarily the same as line 31 of your Schedule C, but I referenced several other tax-prep guidelines to determine what to put there.
Can't explain why, as I inherently trust the software (and the IRS can **** off of they want me to work beyond it), but what it did for mine was to to bring over the amounts from Schedule E.
This might be too late to help, but I just finished my own taxes, and you're right, it's not very clear. As best I can tell, QBI is your net business income minus any deductions you can take because of your business income, like contributions to an HSA or the employer's portion of self-employment tax. The instructions for form 8995 indicate that QBI is *not* necessarily the same as line 31 of your Schedule C, but I referenced several other tax-prep guidelines to determine what to put there.
Its not too late! Because it threw me for a loop at the last minute and i knew I had better file an extension. i think i missed this deduction completely last year, so its all new to me and rather confusing. Anyway its probably good that i didn't file because I put my gross self-employment income on line 1 and that's probably quite wrong. And when i get around to using my net it probably will be hardly worth the headache of filing it.
Quote:
Originally Posted by Rabrrita
Did you complete IRS form 8995A to determine your QBI?
No, 8995.
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