PatriciaV
Expert Alumni

Get your taxes done using TurboTax

Yes, if you are unable to claim a business loss on your tax return, it is carried over to future years until it can be matched with income. Only that portion that cannot be used this year is carried over. You aren't reporting the same amount twice.

 

Once you have paid for your return, you can save all forms and worksheets in PDF format. Look for two worksheets that will answer some of your questions. The Federal Carryover Worksheet displays all carryovers by income type. The Qualified Business Income Component Worksheet for your business shows you how the QBI deduction was calculated, and the QBI Deduction Summary worksheet displays the outcome of this deduction. (These are TurboTax worksheets and not IRS forms). This article explains how to print your return: Can I print a copy of my TurboTax Online return before I file it?

 

The QBI deduction was created by the 2017 Tax Cuts and Jobs Act (TCJA) and allows most self-employed taxpayers and small business owners to exclude up to 20% of their qualified business income from federal income tax (but not self-employment tax) whether they itemize or not. You can read more about QBI here: What is the Qualified Business Income (QBI) deduction?

 

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