Need help finding Statement A-QBI for Pass-through Entity Reporting - where is this IRS form?

6 Wait, so I just make my own statement? That seems weird. Does it need to follow any specific format or can I just list all that info on a blank sheet? Also, how do I know if I should be using Form 8995 or 8995-A?

17 You create your own statement based on the information requirements in the instructions. There's no official format, but it should be clearly labeled as "Statement A-QBI" and include all required elements for each business: name, EIN, QBI amount, W-2 wages, and qualified property if applicable. As for Form 8995 vs 8995-A, it depends on your income. Use the simpler Form 8995 if your taxable income is below $170,050 for single filers or $340,100 for joint filers (2024 thresholds). Use Form 8995-A if your income exceeds those thresholds or you're in a specified service trade or business with income in the phase-out range.

9 Does this actually work for creating the statements yourself? Or does it just tell you what forms you need? I'm in a similar situation with two pass-through businesses and trying to do everything manually to save on accountant fees.

15 I'm skeptical about these tax tools... how is this different from TurboTax or other tax software? Does it actually help with manually preparing returns or is it just another expensive subscription?

12 It does both - it identifies what forms you need AND provides templates for creating required statements like the QBI one. You input your information and it generates properly formatted statements you can print and attach to your return. Unlike traditional tax software, it focuses specifically on analyzing your documents and providing guidance. It's completely different from TurboTax because it doesn't file your taxes for you - it just helps you understand what you need to submit and how to prepare it correctly. We found it incredibly helpful for our more complex small business situations where we wanted to understand what we were filing rather than just letting software do everything.

3 Wait, you can actually get through to a real IRS person using this? How does that even work? I've spent literally hours on hold trying to get simple questions answered about my LLC filing requirements.

15 This sounds too good to be true. The IRS phone system is notoriously impossible to navigate. I find it hard to believe there's some magic service that can get you through to an actual knowledgeable agent, especially one who can help with something as specialized as QBI statements.

7 Yes, it actually connects you with a real IRS agent! The service basically navigates the IRS phone system for you and waits on hold in your place. When an agent finally picks up, you get a call back so you can speak directly with them. It's not magic - it's just a clever system that handles the frustrating hold times for you. I was connected with an agent who regularly works with business filings, and they were extremely helpful in confirming the requirements for Statement A-QBI and answering my other pass-through entity questions. Saved me hours of hold time and prevented me from making some filing mistakes that could have triggered an audit.

18 Do you include anything else on your statement? I have multiple rental properties that qualify for QBI and I'm not sure if I should list them all separately or combine them somehow.

8 For rental properties that qualify for QBI, you should list each property separately on your statement unless you've properly elected to aggregate them under the safe harbor rules. Include the property address instead of business name, and use your SSN if there's no separate EIN. I also include a second page that shows my QBI deduction calculation, especially if I'm subject to any of the income limitations. This helps prevent questions if you get audited as it shows your work clearly. The key is making sure everything is clearly labeled and organized.

16 Check out IRS Publication 535, specifically the QBI section. It's still tax language but clearer than most sources. The basic requirements are: you must have income from a qualified trade or business, be a sole proprietorship, S-corp, partnership, or LLC, and your taxable income must be under certain thresholds for the full deduction.

Thanks for sharing your experience! It's really helpful to hear confirmation from someone who actually spoke with the IRS directly. I'm a newcomer to this community and dealing with QBI for the first time with my small consulting business. Your point about documentation being key for audits is especially valuable - I hadn't really thought about how this would look from an auditor's perspective. The spreadsheet format sounds like a great approach that would be clear and professional. One quick question: when you say "proper aggregation election," do you know if that's something that needs to be filed separately or can it be done as part of the regular return? I have a few different income streams that might qualify and I'm trying to figure out the best way to handle them.

Welcome to the community, Leila! Great question about aggregation elections. From what I learned during my IRS call, the aggregation election is typically made on your tax return itself - you don't need to file a separate form. However, you need to meet specific requirements like having common ownership and either integrated operations, similar businesses, or shared facilities/personnel. The IRS agent mentioned that if you're eligible to aggregate, you'd include a statement with your return explaining the basis for aggregation and then list the aggregated businesses as a single line on your Statement A-QBI rather than separately. But if you don't meet the strict aggregation requirements, you definitely want to list each income stream separately to avoid any issues. Given that it's your first time dealing with QBI, you might want to consider keeping them separate this year unless you're confident they meet the aggregation rules. It's generally safer to be more detailed than less when it comes to IRS documentation. The extra paperwork is worth avoiding potential audit questions down the road!