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What is Schedule A form 8995-A?

Schedule A (Form 8995-A)\u2014Specified Service Trades or Businesses. Complete Schedule A only if your trade or business is a SSTB and your taxable income is more than $164,900 but not $214,900 ($164,925 and $214,925 if married filing separately; $329,800 and $429,800 if married filing jointly).

What's considered a qualified business?

A qualified trade or business is any section 162 trade or business, with three exceptions: A trade or business conducted by a C corporation. For taxpayers with taxable income that exceeds the threshold amount, specified services trades or business (SSTBs).

Why do I need to file a 8995 form?

If your income is more than the threshold, you must use Form 8995-A. Your QBI includes qualified items of income, gain, deduction, and loss from your trades or businesses that are effectively connected with the conduct of a trade or business in the United States.

Who qualifies for the qualified business income deduction 2020?

To qualify for the deduction, the 2019 taxable income must be under $321,400 for couples who are married filing jointly, $160,725 for married filing separately, or $160,700 for all other taxpayers. In 2020, those figures increase to $326,000 for couples married filing jointly and $163,300 for everyone else.

Who Must File 8995-A?

Form 8995 is required for taxpayers who (1) have qualified business income, qualified REIT dividends, or qualified PTP income; (2) have taxable income that does not exceed the threshold amount, and (3) are not patrons of specified agricultural cooperatives.

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What qualifies as a Schedule C business?

Use Schedule C (Form 1040) to report income or (loss) from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity.

What is excluded from qualified business income?

Items such as capital gains and losses, certain dividends, and interest income are excluded. W-2 income, amounts received as reasonable compensation from an S corporation, amounts received as guaranteed payments from a partnership, and payments received by a partner for services under section 707(a) are also not QBI.

What qualifies as qualified business income?

QBI is the net amount of qualified items of income, gain, deduction and loss from any qualified trade or business, including income from partnerships, S corporations, sole proprietorships, and certain trusts.

Who uses form 8995-A?

Form 8995 is a simplified version for taxpayers whose taxable income before the qualified business income deduction doesn't reach the threshold. Most other taxpayers claiming the pass-through deduction must use 8995-A.

Who Must File 8995-A?

Form 8995 is required for taxpayers who (1) have qualified business income, qualified REIT dividends, or qualified PTP income; (2) have taxable income that does not exceed the threshold amount, and (3) are not patrons of specified agricultural cooperatives.

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