Which form do you use to report the QBI deduction: Form 8895 or Form 8895-A?
The Qualified Business Income deduction has two forms that taxpayers can use to report the deduction: Form 8895 and Form 8895-A. Which one do you use?
- Use Form 8895 if your taxable income, before your qualified business income deduction, is at or below $163,300 ($326,600 if married filing jointly), and you aren’t a patron of an agricultural or horticultural cooperative. Form more information on Form 8995, see the IRS’s website, About Form 8995, Qualified Business Income Deduction Simplified Computation.
- Use Form 8895-A Use this form if your taxable income, before your qualified business income deduction, is above $163,300 ($326,600 if married filing jointly), or you’re a patron of an agricultural or horticultural cooperative. Form more information on Form 8995-A, see the IRS’s website, About Form 8995-A, Qualified Business Income Deduction.