Reporting of previously disallowed QBI losses

Forum|Forum|6 years ago
June 28, 2020
2 replies
18 views

I am getting this error when checking the Schedule E Workshop, Qualified Business Income Deduction Smart Worksheet:

"Link to QBI Wksht should be linked to an independent copy of QBI worksheet with no other activities linked to it."

I don't understand how to fix it. If TurboTax didn't generate the worksheet, how do I get something to link to? I feel like this is probably not an issue - I have all the documentation for the tax filing itself. So, two questions -- 1) can I fix this, and 2) does it matter?

DavidS127

Level 13

More information may help resolve your issue. For example, what version of TurboTax are you using (Online or Download/CD); is that reference to "QBI Component wkst"; what is the source of the income being reported on Schedule E (Schedule E rental property or K-1); do you have a source(s) of QBI other than this activity; and what is the relevance of the "previously disallowed QBI losses" phrase in your subject line?

The issue may be related to using a single QBI Component worksheet for multiple QBI activities. Depending on which version of TurboTax you are using, you can look at the QBI Component worksheet(s) in Forms mode (Download/CD) or a PDF of your tax return with all the worksheets (Online, see Tax Tools>>Print Center in left menu panel).

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Anonymous

each schedule e page 1 worksheet - ie rental income has a QBI section. in forms mode, you have to scroll down to that section. since QBI began in 2018 you would enter the loss as a negative. it's in the "passive limits" section of the form.

similarly for k-1's from partnerships, S-Corps, and Trusts, the k-1, reported on page 2 of schedule E input worksheet also has a section for each QBI loss carryforward from 2018 but the entry is the Qualified Business Income Carryovers section. similarly, loss c/o are entered as negatives.