Per my previous question about Form 8995:
How many years can I carry forward the loss from line 16 on Form 8995, to go toward business expenses in the future? If I have minimal business expenses (~$350) for professional licenses and CEUs, with no business income, I’m not sure it’s worth it/feasible to file a Sched C to show those expenses, and any other associated forms (no deduction for home office use, since I didn’t have a business income), would I be able to use the loss from line 16, form 8995? And what does the $0 mean on line 17? Could the amount on line 16 be from several years of business losses greater than business income, since I can’t find where the loss listed on my 2020 tax return would be from 2020 alone? Looking back to 2019, there was also a “carryover” loss on line 16 Form 8995, a little less than the amount on 2020 form, and am not sure where those numbers are coming from, even though I have detailed spreadsheets I’ve made of my business income each year.
Also, since I want to do my taxes on my own this year, via TurboTax, is there a special form I need to use for unemployment income? (Sched 1 was used last year, for the special UE deduction.) Not sure which TT to buy, please advise: I will need Sched. D, Sched B, Form 1116? (foreign taxes-my CPA completed also completed this form for alt. min. tax, and I am not high income, so what is this for?), a taxable pension, unemployment compensation, and am not sure if I’ll need the SE forms: Sched C and 8995?, depending on your answer, and whether or not to claim the loss on my business expenses, since there’s no business income. Thanks in advance!
