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Form 8995 NOL Carryforward Problem

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4 Replies

Form 8995 NOL Carryforward Problem

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.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.

Form 8995 NOL Carryforward Problem

wretgw

Form 8995 NOL Carryforward Problem

dwrgfwe

Form 8995 NOL Carryforward Problem

qrtqwtr

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