Question

QBI business loss carryforward from 2019 - where to enter?

Forum|Forum|5 years ago
March 29, 2021
1 reply
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Not passive loss - actual loss used to offset spousal income. Comes in on form 8995 to reduce the amount of QBI deduction you would get

TurboTax Self Employed Online

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Mike9241

if one spouse has an allowable QBI loss that doesn't fully offset the QBI income of the other spouse (the net is on 8995) there is no carryover since it's been used. only if the QBI loss of one spouse exceeds the QBI income of the other spouse would there be a carryover of the net for the spouse with the QBI loss.

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user345657Author

Other spouse does not have QBI at all. You are right in that it reduced overall taxes. It is all used.

There is a spot on form 8995 for Qualified business net (loss) carryforward from previous year. Line 3.

It comes in as a negative number and is netted from this year's QBI reducing the amount of QBI you would qualify for. Its as if IRS does not want to give you a QBI deduction until you have net profit over several years.