'23 return reported a QBI loss "carryover to 2024". Business ended '22; no '24 loss. Do I report the carryover?

[KeshaH · Accepted solution]

Yes, you should report the QBI loss carryover from your 2023 on your 2024 return, even though your business ended in 2022 and you don't have a loss in 2024.

The QBI loss carryover can reduce your QBI deduction for other businesses you might have in the future. If you start a new business or have other sources of Qualified Business Income, that previous loss would offset this income before calculating your QBI deduction.

The QBI carryover loss continues to carry forward indefinitely (subject to law changes) to future years until it's used up. 

[3724allegan]

Thank you Kesha! Wow that was fast.

Next I need to figure out how to report it in TurboTax. The '23 return was done by a local firm. I reentered all the data  for it in TurboTax to create a database for using TurboTax in '24. TT gave me the same info as the filed '23 return, but I didn't get prompted for the  QBI loss "carryover to 2024", only the 2023 QB loss carry forward... Any suggestions?

[PatriciaV]

The Carryover Loss from 2023 is all you need to enter. TurboTax will calculate any carryover that will be transferred to the next tax year.