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Question

Is QBI carryover and NOL the same thing? Went out of business in 2022. No income from business in 2023. Have a 18,273 loss carryover. Can i use the carryover for 2023?

Forum|Forum|1 year ago
April 23, 2024
1 reply
0 views

Can I use the $18,273.00 QBI loss on 2023 taxes If i had wages but zero business income in 2023?

TurboTax Online

they are different

wages are not QBI income so a QBI loss will not be usable against wages only QBI income.

if you have a business loss you likely have a QBI loss

a QBI loss offsets current year QBI income with any excess becoming a carryforward forever until used or the taxpayer dies or the law changes.

an NOL can be completely different from a QBI loss. wages are business income for NOL purposes but not QBI as explained above

to see if you had an NOL for 2022 use form 1045 schedule A or PUB 536

https://www.irs.gov/pub/irs-pdf/f1045.pdf

https://www.irs.gov/pub/irs-pdf/p536.pdf

TURBOTAX DOES NOT COMPUTE NOLS

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