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Federal Qualified Business Income Deduction Simplified Computation
Extracted from PDF file 2023-federal-8995.pdf, last modified January 2024Qualified Business Income Deduction Simplified Computation
Form 8995 Department of the Treasury Internal Revenue Service Qualified Business Income Deduction Simplified Computation OMB No. 1545-2294 2023 Attach to your tax return. Attachment Sequence No. 55 Go to www.irs.gov/Form8995 for instructions and the latest information. Your taxpayer identification number Name(s) shown on return Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $182,100 ($364,200 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative. 1 (a) Trade, business, or aggregation name (b) Taxpayer identification number (c) Qualified business income or (loss) i ii iii iv v 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Total qualified business income or (loss). Combine lines 1i through 1v, column (c) . . . . . . . . . . . . . . . . . . . . . . 2 Qualified business net (loss) carryforward from the prior year . . . . . . . 3 ( ) Total qualified business income. Combine lines 2 and 3. If zero or less, enter -04 Qualified business income component. Multiply line 4 by 20% (0.20) . . . . . . . . . . . 5 Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see instructions) . . . . . . . . . . . . . . . . . . . . 6 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year . . . . . . . . . . . . . . . . . . . . . . . . . ) 7 ( Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . 8 REIT and PTP component. Multiply line 8 by 20% (0.20) . . . . . . . . . . . . . . . 9 Qualified business income deduction before the income limitation. Add lines 5 and 9 . . . . . . 10 Taxable income before qualified business income deduction (see instructions) 11 Enter your net capital gain, if any, increased by any qualified dividends (see instructions) . . . . . . . . . . . . . . . . . . . . 12 Subtract line 12 from line 11. If zero or less, enter -0- . . . . . . . . 13 Income limitation. Multiply line 13 by 20% (0.20) . . . . . . . . . . . . . . . . . . 14 Qualified business income deduction. Enter the smaller of line 10 or line 14. Also enter this amount on the applicable line of your return (see instructions) . . . . . . . . . . . . . . . . . 15 Total qualified business (loss) carryforward. Combine lines 2 and 3. If greater than zero, enter -0- . . 16 ( Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than zero, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 ( For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 37806C ) ) Form 8995 (2023)
2023 Form 8995
More about the Federal 8995 Individual Income Tax Tax Credit TY 2023
We last updated the Qualified Business Income Deduction Simplified Computation in January 2024, so this is the latest version of 8995, fully updated for tax year 2023. You can download or print current or past-year PDFs of 8995 directly from TaxFormFinder. You can print other Federal tax forms here.
Other Federal Individual Income Tax Forms:
TaxFormFinder has an additional 774 Federal income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 1040-EZ | Income Tax Return for Single and Joint Filers With No Dependents |
| Form 1040-V | Payment Voucher |
| Form 1040-ES | Estimated Tax for Individuals |
| 1040 (Schedule A) | Itemized Deductions |
| Form 2210 | Underpayment of Estimated Tax by Individuals, Estates, and Trusts |
View all 775 Federal Income Tax Forms
Form Sources:
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal 8995 from the Internal Revenue Service in January 2024.
8995 is a Federal Individual Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Federal 8995
We have a total of six past-year versions of 8995 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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