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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 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 taxpayers to deduct up to 20% of their qualified business income.
Q: Who is eligible for the Qualified Business Income Deduction?
A: Individuals, estates, and trusts engaged in a qualified trade or business may be eligible for the deduction.
Q: What is a qualified trade or business?
A: A qualified trade or business is any trade or business conducted within the United States, other than a specified service trade or business.
Q: Who should use the Simplified Computation version of Form 8995?
A: Taxpayers with qualified business income and taxable income below a certain threshold may use the Simplified Computation version of Form 8995.
Q: What is the benefit of using the Simplified Computation version of Form 8995?
A: Using the Simplified Computation version of Form 8995 can save time and reduce complexity in calculating the Qualified Business Income Deduction.
Q: Do I need to attach Form 8995 to my tax return?
A: Yes, if you are claiming the Qualified Business Income Deduction, you must attach Form 8995 or Form 8995-A to your tax return.
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.
