Qualified Business Income Deduction: IRS Forms 8995 and 8995-A

Summary

This practice note discusses the qualified business income deduction under I.R.C. Section 199A and Internal Revenue Service (IRS) Form 8995 (Qualified Business Income Deduction Simplified Computation) and Form 8995-A (Qualified Business Income Deduction). The practice note provides guidance for completing and filing the forms and accompanying schedules. Form 8995 and Form 8995-A are used by eligible individuals (owners of sole proprietorships, partnerships, and S corporations) and eligible estates and trusts that have qualified business income (QBI) to determine their QBI deduction. Form 8995 is the simplified version of Form 8995-A.