HOW I CAN USE 8995 FOR SCHEDULE C

[goyito]

Hi i would like to know how can I use form 8995 for a customer who has schedule c?

Can someone help me.The total adjusted Gross Income is 188,215.00

Plese help me

[abctax55]

If you are asking how to do it in the software, you'll have to at LEAST tell us what software you are using.

Generic answer is 'complete the area in the software' specifying that the Sch C is QBI.

Bonus answer... is AGI too high?

[goyito]

Thank you abctax55 (Level 15) for answer me sorry you are right I am using Proseries Basic and the Adjusted Gross Income is 188K MFJ with Schedule C with a total of Net Income of 4K, which is ready included on the 188K. Also is year 2020.

[TaxGuyBill · Accepted solution]

On the Schedule C worksheet, check the "yes" on the VERY top of Schedule C.

Then scroll about 40% of the way down, to just under Line 48 to see the QBI worksheet.  Look at the worksheet carefully to determine if the business has QBI or not (some things may be reducing the $4k profit for QBI purposes).

Some of those numbers from the worksheet will feed into Form 8995 (on the Deductions tab).

[goyito]

Hi TaxGuyBill(Level 15) Thank you for your answer it work perfect.  I did exactly what do you mention and it is right the form created and filled up all, of course my customer will be saving moeny.

Best regards,