Form 8995 NOL Carryforward Problem

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rtretr

[Rick19744]

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.

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wretgw

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dwrgfwe

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