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Question

QBI Loss Carry Forward on State Tax Form - Missouri

Forum|Forum|2 years ago
February 13, 2024
2 replies
0 views

I incurred a $9000 loss on my Schedule C (sole proprietorship) business in 2022, should I report this as a Addition NOL (Carryback/carryforward) and Subtraction NOL in State Form?

Is QBI Loss be considered NOL?

Employee

No. Missouri begins with your federal AGI and follows federal law for NOL so you do not need to make a separate adjustment on your state return.

A loss on your business does not mean you had an NOL last year. If you had other income to offset the loss, you would not have an NOL.

QBI loss is carried over in the program for you to go against positive QBI in the future.

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Thank you @AmyC

What if I am not a resident of Missouri and my only income from Missouri is 9000 loss. My other income are earned income from other State where am a resident, can I still not have a carry forward loss of 9000 in Missouri?

Employee

It depends. The loss will carry over in your federal to the next year, which will flow into your MO return.

Yes, if that is your only QBI income,
No, if you have other QBI income on your federal.

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