Qualified Loss Carryforward

[hawaii1894]

I have a Loss Carryforward from 2020. Turbo tax asked me for this amount under "Miscellaneous Expenses" and again under "Net Operating Loss/QBI Carryforward Loss". Which one do I use? I answered both questions and it is now duplicating the Carryforward.

Thanks

Hawaii1894

[Critter-3]

Do not confuse the areas for Capital Loss ,  QBI  and NOL carryovers ... they are 3 separate things... make sure you enter the correct carryforward to the correct area ... mixing them up will mess up the return badly. 

[Mike9241]

in a year you can have both a net operating loss and a loss for QBI purposes. these items are independent of one another. you might not have an NOL but you could have a QBI loss carryforward.

Turbotax does not calculate the NOL you may have but does calculate the QBI loss carryforward - see form 8995 line 16 that should have been included with your return and if you used Turbotax in the prior year the QBI loss should roll over to the current year as part of the data transfer just before you start entering the current year data.

the NOL should be calculated using schedule A of form 1045 because it's possible to have a business loss but not have an NOL because of other business or non-business income 

link to 1045

https://www.irs.gov/pub/irs-pdf/f1045.pdf 

example: joint return spouse has $60K taxable W-2 wages, you have $50K loss from schedule C. wages are considered business income. therefore, in this oversimplified example, there is no NOL but there is a $50K QBI loss carryover