How to File IRS Form 8995A and Schedule A for Specified Service Trades or Businesses SSTB

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For more videos on how to prepare Form 8995: • Form 8995-A for an SSTB: • How to File IRS Form 8995-A and Sched... • Form 8995 for PTP Income: • IRS Form 8995 with Publicly Traded Pa... • QBI Loss Carryovers: • IRS Form 8995 with QBI Loss Carryforw... • Form 8995 for REIT Dividends: • How to File IRS Form 8995 with REIT D... • Form 8995 for QBI Deduction: • How to File IRS Form 8995 for Qualifi... • Certain taxpayers may be able to deduct up to 20% of their qualified business income (QBI) from qualified trades or businesses. The QBI deduction under IRC Section 199A was added as part of the Tax Cuts and Jobs Act (TCJA) in 2017. • Taxpayers must report their QBI amounts on either Form 8995 or Form 8995-A. The taxpayer's filing status and taxable income before QBI deduction will determine which form is required. Where a taxpayer is required to file Form 8995-A and has SSTB income, he must also include Schedule A with Form 8995-A. • In this example, we look at a taxpayer with multiple SSTB investments. The taxpayer's income is above the yearly threshold, requiring him to file Form 8995-A rather than the simplified computation using Form 8995. • The deduction in this example is reduced because of the SSTB, W-2 UBIA limitations. • For a larger database of tutorials, please visit our website and search for your question: • https://knottlearning.com/ • DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. • #Section199A #SSTB #Form8995 #qbi

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