What is the difference between forms 8995 and 8995A?
Forms 8995 and 8995-A are both used to calculate the Qualified Business Income (QBI) deduction, which is a tax deduction available to eligible self-employed individuals and small business owners. However, they are used in different situations based on the complexity of your tax situation and your taxable income. 1. **Form 8995**: This is the simpler form and is used by taxpayers whose taxable income before the QBI deduction is at or below the threshold amount. For 2023, these threshold amounts are $182,100 for single filers and $364,200 for married filing jointly. If your income is below these thresholds and you don't have any special circumstances (like being a patron of an agricultural or horticultural cooperative), you can use Form 8995 to calculate your QBI deduction. 2. **Form 8995-A**: This form is more complex and is used by taxpayers whose taxable income exceeds the threshold amounts. It includes additional calculations and limitations, such as the wage and qualified property limitation, and is also used if you have income from a specified service trade or business (SSTB) that requires additional considerations. Form 8995-A has multiple parts to address these complexities. In summary, use Form 8995 if your situation is straightforward and your income is below the threshold. Use Form 8995-A if your income is above the threshold or if you have more complex circumstances affecting your QBI deduction.
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