2023 Form 8995 - Qualified Business Income Deduction Simplified Computation

The purpose of 2023 Form 8995 is to determine the Qualified Business Income Deduction, also known as the Section 199A deduction, for owners of pass-through businesses. This deduction allows them to deduct up to 20% of their share of qualified business income. Form 8995 is a simplified version of the form, available to taxpayers whose total taxable income before the qualified business income deduction falls below a certain threshold. If the taxpayer's taxable income before the qualified business income deduction is above the threshold, or they are a patron of a cooperative, they must use the more complicated Form 8995-A.