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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 8995
for the current year.
IRS Form 8995 Qualified Business Income Deduction Simplified Computation
What Is IRS Form 8995?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 8995?
A: IRS Form 8995 is a tax form used to calculate the Qualified Business Income Deduction.
Q: What is the Qualified Business Income Deduction?
A: The Qualified Business Income Deduction is a deduction that allows eligible businesses to deduct a portion of their income from their taxable income.
Q: Who is eligible for the Qualified Business Income Deduction?
A: Individuals who have income from a qualified business or trade, including pass-through entities like partnerships, S corporations, and sole proprietorships, may be eligible for the deduction.
Q: What is the purpose of the Simplified Computation version of Form 8995?
A: The Simplified Computation version of Form 8995 is designed to simplify the calculation of the Qualified Business Income Deduction for eligible taxpayers.
Q: How does the Simplified Computation version of Form 8995 work?
A: The Simplified Computation version of Form 8995 uses a simplified formula to calculate the deduction based on the taxpayer's qualified business income, QBI, which is then subtracted from the taxpayer's taxable income.
Q: What information is needed to complete Form 8995?
A: To complete Form 8995, taxpayers will need to know their qualified business income, taxable income, and any other relevant information related to their business or trade.
Form Details:
- A 1-page form available for download in PDF;
- This form cannot be used to file taxes for the current year. Choose a more recent version to file for the current tax year;
- Editable, printable, and free;
- Fill out the form in our online filing application.
Download a fillable version of IRS Form 8995 through the link below or browse more documents in our library of IRS Forms.
