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This version of the form is not currently in use and is provided for reference only. Download this version of
Instructions for IRS Form 8995
for the current year.
Instructions for IRS Form 8995 Qualified Business Income Deduction Simplified Computation
This document contains official instructions for IRS Form 8995 , Qualified Business Income Deduction Simplified Computation - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8995 is available for download through this link.
FAQ
Q: What is IRS Form 8995?
A: IRS Form 8995 is a form used to claim 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 can use IRS Form 8995?
A: Individuals, trusts, and estates with qualified business income can use IRS Form 8995.
Q: What is the purpose of the Simplified Computation?
A: The Simplified Computation is a method provided by the IRS to simplify the calculation of the Qualified Business Income Deduction.
Q: What are the requirements for using the Simplified Computation?
A: Taxpayers must have qualified business income from a qualified trade or business.
Q: How is the Qualified Business Income Deduction calculated using the Simplified Computation?
A: The deduction is calculated as 20% of the taxpayer's qualified business income.
Q: Are there any limitations on the deduction?
A: Yes, the deduction is subject to certain limitations based on the taxpayer's taxable income and type of trade or business.
Instruction Details:
- This 10-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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