I have 1099-div with 199A amount (Box5), but TT is still not generating Form 8995. How can I make TT generate 8995 and reduce my tax?
You'll need to sign in or create an account to connect with an expert.
I cannot recreate your issue.It would be helpful to have a TurboTax ".tax2022" file that is experiencing this issue.
You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions:
In TurboTax Online, go to the black panel on the left side of your program and select Tax Tools.
In TurboTax CD/Download versions, go to the black panel on the top of your screen and select Online.
Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.
We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.
Token number is 1121218
A Trust that is not operating a business is not eligible for the QBI deduction so the Form 8995 will not generate. While the trust can receive Section 199A Qualified Business Income and distribute that income, it is no longer classified as Section 199A Qualified Business Income when distributed.
Thank you for your response.
Trust receiving Section 199A amount and retaining should qualify based on reading following: https://www.irs.gov/newsroom/facts-about-the-qualified-business-income-deduction
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
tomsailor
New Member
eddwall
New Member
sansu
Level 1
sansu
Level 1
Analisa47
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.