Question

QBI carryforward

Forum|Forum|5 years ago
March 16, 2021
1 reply
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How do I enter the figure for the previous year QBI carryforward amounts in 2020 tax return? I use schedule C to calculate my profit (loss) both for 2020 and 2019.

TurboTax Live Self-Employed Online

RayW7

The NOL and QBI carryforward loss section is at Income>>Less Common Business Situations>>Net Operating Loss/QBI Carryforward Loss.

Losses generated in 2018 or after that are subject to the basis, at-risk, or passive activity loss rules reduce QBI when the losses reduce taxable income. These losses carry over for QBI purposes until reducing taxable income.

If a screen doesn't "present" when it is supposed to, try signing out and signing back in, and/or clearing your "cookies and cache".

-for more information on QBI follow this link-

Qualified Business Income Deduction | Internal Revenue ... - IRS

M

muco39Author

Thank you Ray, but probably because of the version of Turbotax I am using that link is not correct for me. I am using online Turbotax self-employed.

There is a button for uncommon situations in my version too. However, the only link that may apply to me is at-risk losses carrying over. If I use that option the result ends up in expenses section part V. Nothing is showing in QBI deduction sheet 8995 line 3. Can you answer more specific to my version?

Thank you.

J

JamesG1

QBI passive carry-forward is the amount of the Qualified Business Income Deduction that is is not allowed due to the passive income rules.

In TurboTax Online Self-Employed, follow these steps.

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Income & expenses.
Scroll down to Other Business Situations.
Click Start / Revisit to the right of Net Operating Loss / QBI Carryforward Loss.
Enter QBI Carryovers at the screen 2019 Qualified Business Income Loss Carryovers.