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Level 3
posted Feb 4, 2023 8:54:25 PM

Form 8995 NOL Carryforward Problem

rtretr

 

 

0 4 693
4 Replies
Level 13
Feb 5, 2023 6:42:57 AM

A few comments:

  • The tax law doesn't allow you to decide which year you want to take a loss.
  • The form 8995 is a Qualified Business Income Deduction (QBID) computation.  This is not the same thing as an NOL.
  • You need to follow the example that the former CPA used as the carry over belongs on form 8995 line 3
  • Just because you reflect a loss on line 3 does not mean that you will be utilizing the loss on the current year tax return.  These losses will be utilized in the years that the business generates income.
  • When entering the information for your business, there is most likely a question related to whether the business has any carry over loss and should then put this on the form 8995 line 3 as was done in the past.

Level 3
Feb 5, 2023 7:06:00 AM

wretgw

Level 3
Feb 5, 2023 9:58:50 AM

dwrgfwe

Level 3
Feb 6, 2023 2:28:58 AM

qrtqwtr