I am preparing taxes for 2023 using Turbotax Home and Business and working on Schedule E. I do not have the prior year's .tax file so I need to manually enter the information for past years' Regular Tax and QBI in the "Carryovers to 2023 Smart Worksheet". In some past years, deductions were allowed against operating losses, which reduced the carryforward to zero for the Regular Tax.
For Regular Tax "Operating loss" should I enter the actual loss (income - expenses) or the the net loss after allowed deductions (income - expenses - deductions) ?
Same question for QBI "Operating loss". Also in the case of taking a Special Allowance deduction, would I enter ($25,000) for the QBI Operating Loss?
