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I want to apply my single member LLC Qualified Business Income Loss Carryover against my W-2 income. Where on my TurboTax return would I begin to do this?
Hi. My single member LLC has a Qualified Business Income Loss Carryover from last year, 2022. The LLC in 2023 had no activity (no income or expenses); however, I have W-2 income, and I understand the IRS allows applying the carryover loss from the LCC against W-2 income.
My question is, where in the federal return would I begin to the process to apply the loss carryover from this LLC from last year to presumably reduce my W-2 income for 2023?
I have TurboTax Home & Business, the version where you purchase a key (which includes 5 returns by default). I don’t know if that’s considered the online version.
Thanks in advance for your help.
Sam
March 31, 2024
8:36 AM