The qualified business income deduction (QBI) allows eligible business owners and some trusts and estates to deduct up to 20% of their QBI, plus 20% of qualified real estate investment trust (REIT) dividends, and qualified publicly traded partnership (PTP) income.
Once the required steps are completed, Intuit ProConnect will calculate the QBI deduction and generate Form 8995 or 8995-A for the return.
Where to see your results
Once the inputs are completed, ProConnect will automatically generate Form 8995 or Form 8995-A based on return requirements. The QBI deduction will flow to line 13 of Form 1040 or 1040-SR, or line 13a of Form 1040-NR.
Form 8995 or 8995-A are generated if:
- The client has QBI, qualified REIT dividends, or qualified PTP income or loss; and
- The client's taxable income before QBI deduction is at or below $163,300 ($326,600 if married filing jointly); or
- Client is a patron in a specified agricultural or horticultural cooperative.