Hi George M,
I had a carryover loss of just over $400 in 2018 and a loss of over $3700 in 2019. I did not have SE income in 2019 due to medical and other issues, but did have career-related training, CEUs, licensing fees, which added to my business losses, so both of those totals result in a carryover loss of a little over $4000. In 2020 I did have SE income of over $5,000, working from home. After my Sched C business expenses were subtracted from the SE income, the taxable amount left just over $900. I did have a deduction for use of home office, and looks like the “Business Use of Home” was approx. $1300 (line 26) and subtracted the 900 amt (line 27) from that, leaving $484 left over on Part IV, #43. I can’t find where else the $484 would be listed, just that it’s “Carryover of Un-allowed Expenses to 2021”.
Looking at the Form 8995 QBI, it shows that there is a carryover just over $4000, listed on #3 for carryover from prior year, which is actually the totals of the carryovers from 2018 and 2019. How can I use this carryover / save it for another year, if I do work again as a self-employed person?
On another topic, I did make a Trad. IRA “conversion” to Roth around 12/20/2021. I am over 59.5 so can do that without penalty, but was not advised to pay estimated taxes by Jan. 15 for estimated taxes. Will that be something I could be penalized for? It will already be an expensive tax-$ event for me by moving to it a Roth, but wanted to use the higher standard deduction we have during this time. Anything I can do if there was a requirement for that? Thanks again!!
