I'm doing a final review, but am confused about how my business loss this year is showing up.
I had $1223 more in expenses than income in 2022. Quicken has entered this negative value in 1040 Line 8, Schedule 1, line 10 (Business Loss) and Schedule C, lines 29 & 31. All investment is at risk (per my tax person last year) and NO SE is generated. It seems that I am deducting it from my total income and in addition, carrying it forward to be used against future profits. That doesn't seem right, but I don't know how to correct it.
In addition, form 8995 indicates a QBI Deduction of - $1382, and I have no idea how it arrived at that amount. It adds -$1382 to the previous year's loss of -$1463 to carry forward to next year a total loss of -$2855. Yikes! Where does Turbo grab that amount, or how is it arrived at.
I had hoped to filed this today, and everything else checks out, but this befuddles me. And worries me!
Thanks for any help you can provide.
Between the two, I
