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Level 1
posted Feb 19, 2022 4:47:23 AM

"Schedule C (Form 8995-A)" has no entries

My 2020 TurboTax Online "Schedule C (Form 8995-A)" line 6 showed a Qualified business net (loss) carryforward.  For 2021, I have qualified business income not sufficient to cancel the loss, so this Schedule should have the 2020 loss on line 2 and a closer-to-zero negative number on line 6.  However, when I print my not-yet-filed return, the Schedule appears but has no entries.  I've confirmed the 2020 Qualified business net (loss) carryforward appears in online screen "Net Operating Loss/QBI Carryforward Loss".  How can I get this Schedule to have entries like it had under TurboTax Online 2020?  This is mandatory, because https://www.irs.gov/pub/irs-pdf/i8995a.pdf says, "Line 6. The amount reported on this line must be reported in the next tax year on Schedule C (Form 8995-A), line 2, or Form 8995, line 3".

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1 Best answer
Expert Alumni
Feb 21, 2022 2:14:52 PM

You have answered no to "Is this activity a qualified trade or business under section 199A?" so it is not counting 2021 as Qualified Business Income nor does it allow the carryforward because of this.

 

To correct this entry in TurboTax Online please follow these steps:

  1. Within your Federal tax return, use the magnifying glass to search Schedule C
  2. Click the Jump to link
  3. On the info page scroll down to Qualified Business Income and click Details
  4. Review your answers to the questions on the following 3 screens

If the answers to these questions are correct as is, then your business situation has changed and no longer qualifies for the Qualified Business Income Deduction or Loss Carryforward.

4 Replies
Expert Alumni
Feb 20, 2022 4:39:38 PM

It would be helpful to have a TurboTax ".tax2021" file that is experiencing this issue.

 

You can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions: 

 

Go to the black panel on the left side of your program and select Tax Tools. 

  1. Then select Tools below Tax Tools. 
  2. A window will pop up which says Tools Center.  
  3. On this screen, select Share my file with Agent. 
  4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
  5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

Level 1
Feb 20, 2022 8:27:10 PM

Thanks.  Your token number is: 931366

Expert Alumni
Feb 21, 2022 2:14:52 PM

You have answered no to "Is this activity a qualified trade or business under section 199A?" so it is not counting 2021 as Qualified Business Income nor does it allow the carryforward because of this.

 

To correct this entry in TurboTax Online please follow these steps:

  1. Within your Federal tax return, use the magnifying glass to search Schedule C
  2. Click the Jump to link
  3. On the info page scroll down to Qualified Business Income and click Details
  4. Review your answers to the questions on the following 3 screens

If the answers to these questions are correct as is, then your business situation has changed and no longer qualifies for the Qualified Business Income Deduction or Loss Carryforward.

Level 1
Feb 21, 2022 3:14:09 PM

I've corrected one of the answers.  The Schedule now populates correctly.  Thank you.