Where should enter QBI Loss Carryforward Prior Year 2023 Turbo tax

Forum|Forum|2 years ago
February 14, 2024
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Didn't use Turbo Tax last year. I had a net loss on my Sch C and therefore a net loss on the OBI worksheet. Where do I enter OBI net loss carry forward from prior year?

TurboTax Premier Online

DianeW777

Here is where you include your qualified business income deduction (QBID) loss from last year. You can carry it forward to offset any future qualified business income (QBI) for a business or investment K-1 profit or positive qualified business income (QBI).

To include your QBID carryforward loss so that it is not lost you can use the steps below.

TurboTax CD/Download or TurboTax Online
- Business Income and Expenses > Less Common Business Situations > Net Operating Loss/QBI Carryforward Loss

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Pink1222Author

Dianne,

I am seeing different on my end. This is Schedule C.

ThomasM125

I can't read your attachments.

The page @DianeW777 is referring to has a heading that says Let's gather your business info.

You may need to work through your self-employment income and expense entries to get to the part where it asks you if the business income is eligible for QBI treatment. When you indicate that it is and finish the business section, go back in and you should see the QBI carryover option under Less Common Business Situations. You may not see the QBI loss carryover option until you indicate that the business is eligible for the QBI deduction.

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