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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 certain businesses to deduct up to 20% of their qualified business income.
Q: Who is eligible for the Qualified Business Income deduction?
A: Sole proprietors, partnerships, S corporations, and some trusts and estates may be eligible for the Qualified Business Income deduction.
Q: What is the purpose of the Simplified Computation version of IRS Form 8995?
A: The Simplified Computation version of IRS Form 8995 is used by taxpayers whose taxable income is below certain thresholds and who meet other requirements.
Q: What are the thresholds for using the Simplified Computation version of IRS Form 8995?
A: For tax year 2021, the thresholds are $164,900 for single filers and $329,800 for married filing jointly.
Q: Are there any limitations or exclusions to the Qualified Business Income deduction?
A: Yes, there are certain limitations and exclusions that apply. It is recommended to review the instructions for IRS Form 8995 for more information.
Form Details:
- A 1-page form available for download in PDF;
- Actual and valid for filing 2023 taxes;
- Editable, printable, and free;
- Fill out the form in our online filing application.
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