Question

NOL-non farm

Forum|Forum|4 years ago
April 17, 2022
2 replies
0 views

I am retired but started a small telemental health practice after I retired in 2019. In 2019 I had a business loss on sched C of $7163. In 2020 sched C I had a loss of $2038. This years 2021 shows a small profit. Not totally understanding NOL I did not carry forward the losses on Turbo Tax. What can I cary forward now and how?

TurboTax Home & Biz Windows

ColeenD3

You do not carry Schedule C losses forward. They are included on the 1040 for the year the loss incurred.

1

1jrjAuthor

TT refers to "Less common Business situations" (Business credits)

Then what is "Net Operating Loss/QBI Carryforward Loss"

1

1jrjAuthor

Turbo Tax-In my 2020 Federal carryover worksheet page 3 under Qualified business Income Deduction (section 199A) carryovers it lists a minus amount in 2019 and a minus amount in 2020. The applicable % for 2019 is under 31b 100.0.

Do I do anything with this in my 2021 taxes?