Reply To: Clueless about “Section 199A dividends”

Home Fairmark Forum Taxation of Investments Clueless about “Section 199A dividends” Reply To: Clueless about “Section 199A dividends”

#5184
kaneohe
Participant

Yes, hopefully the software will handle this. I tried this on another software program and it looks like it filled out Pt IV of F8995A starting with line 28.
https://www.irs.gov/pub/irs-dft/f8995a–dft.pdf

In a simplified example, it took Box 5 and took 20% of that as the QBI deduction compared it to some other calculation that could have limited the deduction but didn’t, then took the QBI deduction and entered it on the 1040 on the line below the normal deduction (itemized or std) and combined them to make a bigger deduction so that would reduce your taxes.

  • This reply was modified 1 year, 7 months ago by kaneohe.