Question

Should I be getting a Business Income Deduction since I only have a foreign tax credit on foreign stock owned and not business income from a PTP or REIT?

Forum|Forum|1 year ago
February 16, 2025
1 reply
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Maybe. Do you have a 1099-DIV with an amount in Box 5 (Sect 199A)? Do you have Form 8995 or 8995-A in your return?

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T

tjtringleAuthor

Thanks for your reply. Box 5 Section 199A in my 1099-Div is completely blank. I don't have a Form 8995 or 8995-A since I didn't want to finish the return with Turbotax until I get this issue resolved first. I have had a foreign tax credit in previous years and have never had a Business Income Deduction.