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Old 07-12-2020, 12:44 PM
 
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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.
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Old 07-15-2020, 01:16 AM
 
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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.
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Old 07-15-2020, 01:24 PM
 
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Did you complete IRS form 8995A to determine your QBI?
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Old 07-15-2020, 05:07 PM
 
Location: Silicon Valley
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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.
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Old 07-16-2020, 08:03 PM
 
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Quote:
Originally Posted by AlaskaAma View Post
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 View Post
Did you complete IRS form 8995A to determine your QBI?

No, 8995.
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