IRS Form: Draft Form 8995-A for Qualified Business Income Deduction (IRC §199A)

Draft Form 8995-A, Qualified Business Income Deduction released April 15 that will be used to calculate the tax code Section 199A deduction for the 2019 tax year. For tax years beginning after December 31, 2017, and before January 1, 2026, taxpayers who have domestic “qualified business income” (QBI) from a partnership, S corporation, or sole proprietorship are entitled to a deduction equal to: (1) the lesser of the combined qualified business income amount of the taxpayer or 20% of taxable income (reduced by net capital gain), plus (2) the lesser of 20% of qualified cooperative dividends or taxable income ...