locating my QB loss carryforward

[Mike92ct]

after reviewing my 2023 transcripts, I see I have a qualified net loss carryforward. $30K from 2022 and $7K from 2023 bringing my total to $36,806. 

I have additional withholdings I did not get back in my 2023 taxes and thinking of amending to receive the extra. It seems I could bring my liability to zero. Besides the fact that each transcipt shows the carryforward, I want to make sure I understand it on my forms I filed for 2023. 

  I only see the current year losses then nothing else on that page indicating that turbotax brought over the carryforward. But I continue to form 8995, it mentions the carryforward. But according the the transcript for 2023 AND 2024, its still $36K. 

Can we confirm the carryforward was not used? 

Why show the $29,216 and not use it? Did i need to enter it?

[Mike9241]

a QBI loss can only be used to offset QBI  income for the QBI deduction. It does affect regular income taxes unless you have a net QBI deduction on line 13 of the 1040. if you had no QBI income the loss carries forward indefinitely.   The QBI loss carryforward can differ from NOL or passive loss carryovers because of how each is computed.

you may find it on the carryforward worksheet but it may also be reported on the activity worksheet. 

[Mike92ct]

Thanks. So a QBI loss carry forward looks to be what I have. It's to be used to offset the same business income year after year and nothing else?

How does it work if a current year has a loss too? For example:

A Business has $5K of income but $10K of losses in a current year. Can the QBI carryforward cover the income, leaving the additional/new/current years loss of 10K to offset the ordinary w2 income? 

With no carryover involved, a current years loss will offset W2 income all the time. But I'm trying to see how it applies with a carryover and how to maximize an accurate refund from withholdings. I'm convinced the carryover was never used for 2023 and it only grew. 2024 the business had no income. I was sick but better for 2025 🙂

[ThomasM125]

A qualified business income (QBI) loss will never offset taxable income. You can get a QBI deduction against taxable income, but it is calculated by using QBI income, roughly 20% of QBI income. A QBI loss carryover would only offset QBI income in a future year, thereby reducing the QBI income on which the QBI deduction would be determined. So, if you have a net QBI loss in your business in 2024, the QBI loss carryover from 2023 would be added to that. If you have QBI income in 2025 that is more than your QBI loss carryover from 2024, then you will have net QBI income in 2025 for which you will get a QBI deduction of roughly 20% of that net QBI income.