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at risk carryover

Every year I have problems with this. I have an at risk loss for my farm.  As near as I can tell, I have no disallowed losses when I look at the Activity Summary Smart Worksheet for my Schedule F. The only lines that have any numbers are Line D - tentative profit(loss)and Line I net profit (loss) allowed. So do I put those numbers in as regular and QBI carryovers in the interview? 

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2 Replies
JamesG1
Expert Alumni

at risk carryover

In TurboTax Online, report the at-risk loss as follows:

 

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Wages & income.
  • Click the down arrow to the right of Rents, Royalties, and Farm.
  • Click to the right of Farm Income and Farm Rental.
  • At the screen Farm Summary, select Edit.
  • At the screen Your Farming Income and Expenses, scroll down to Final Details.  Select Update to the right.
  • At the screen Other Situations, select I have Qualified Business Income, passive activity, or at-risk losses carried over from last year.  Select Continue.
  • At the screen At-Risk Carryovers, enter the at-risk carryover.
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at risk carryover

 I should say I'm using TT Deluxe, though that shouldn't make a difference. So , I am assuming I am going to pull my info from last year's Form 8995 line 16?  That figure, though, is derived from adding lines 1i-1v, column c. There is another business reported on the form plus the farm business (which was unfortunately aggregated with a related to the farm). Which means the loss from the farm which is on Schedule F has been offset by the business its aggregated with and the other business reported which had a positive number for QBI. Confusing? Most definitely! 

So back to my original question, which now has given you more information.  How do I enter the information TT is looking for since by going to Form 8995 line 16, it doesn't give a clear picture of what the QBI carryover from Schedule F alone is. But, if it's all going to Form 8995, is that necessary other than the fact that I can't keep track of the Schedule F alone losses?

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