GeorgeM777
Expert Alumni

Get your taxes done using TurboTax

The Qualified Business Income loss (that is, the loss on line 16 of Form 8995) carries forward to the succeeding year and is treated as arising from a separate trade or business. Those losses carry over indefinitely until completely offset by positive QBI.

 

Line 17 on Form 8995 relates to Real Estate Investment Trust (REIT) dividends and publicly traded partnership income/loss.  Because you have a zero on line 17, you must not have any REIT dividends or income from a publicly traded partnership.

 

There is no special or unique type of form you need to record your unemployment compensation.  TurboTax has all of the forms you will need.  Given that you appear to need Schedule B and Schedule D, you will likely need TurboTax Premier to prepare your return.  If you choose to file a Schedule C, then you will need TurboTax Self-Employed. 

 

Given that you may not have determined at this time what forms you will need, here is a suggestion.  Start with TurboTax Basic Online, and as you go through the application, TurboTax will alert you as to when you will need to upgrade based on the type of income you wish to add.  

 

Lastly, whether you should file a Schedule C, Profit or Loss From Business, is a decision beyond the scope of the type of advice we can provide.  Only you can make that determination.  Generally, if a taxpayer has a business in which they intend to make a profit, and there is a profit or loss, the taxpayer will typically file a Schedule C, along with any other relevant tax forms.

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