Where to enter QBI Carryforward loss in Turbo Tax Premier 2024

Forum|Forum|1 year ago
January 29, 2025
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Last year's return was done by an accountant, so that 2023 Return was showing a QBI Carryforward Loss, I can't find where/how to enter prior year that value so it doesn't get lost in the future. My business didn't have activity in 2024 so it will be all zeroes, but I am think I might have some activity this year and would like to carry the loss to be used against the business income later.

Best answer by JamesG1

I am using desktop version of Premier, can yiu please verify of it has the same steps.

QBI loss carryforward can be entered into TurboTax Desktop Premier.

Across the top of the screen, select Federal Taxes.
Across the top of the screen, select Wages & Income.
Continue.
Select I'll choose what I want to work on.
Scroll down to Business Items and click to the right of Business Deductions and Credits.
Click to the right of Business Loss Carryovers.

KrisD15

To clarify, what business are you reporting (with no income) using TurboTax Premier?

Usually QBI carryover is entered in that section of the software.

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askelrikhAuthor

I am a fencing coach. In 2024 I was employed on W2, but will be doing this as self employed in 2025. When I entered business there was no interview question about carryforward QBI.

Which section of the interview is asking about carryforward? .

JamesG1

In TurboTax Online, enter QBI carryforward as follows:

Down the left side of the screen, click on Tax Home.
Click on the down arrow to the right of Review.
Click on the blue band labeled Review.
Down the left side of the screen, click on Federal.
Across the top of the screen, click on Wages & Income.
Click the down arrow to the right of Other Business Situations.
Click Start / Revisit to the right of Net Operating Loss / QBI Carryforward Loss.
Enter QBI Carryovers at the screen 2023 Qualified Business Income Loss Carryovers.