Get your taxes done using TurboTax

While the QBI loss will carryover indefinitely, it can only be used to offset QBI income.  Thus, without any QBI income, the QBI loss is held in abeyance.  Assuming you still have a QBI carryover and need to enter it into TurboTax, here are the steps to follow:

1. Go to Federal Taxes, and then click on Wages & Income
2. Scroll down the page and look for Other Business Situations
3. You should see Net Operating Loss/ QBI Carryforward Loss.
4. Click on Start or Revisit, and enter the relevant information 

The late estimated tax payment for the IRA distribution and subsequent contribution to a Roth may result in a penalty.  You will know what the penalty amount is after you finish entering all of the information about this distribution and contribution.  When you are ready to begin entering your IRA distribution and subsequent contribution to your Roth, here are the steps to follow:

1. log in to your Turbo Tax account
2. click on "take me to my return"
3. click on the "federal taxes" tab
4. click on "wages and income"
5. choose "show more and "see list of all income"
6. scroll down to "retirement plans and social security"
7. click on "start" next to "IRAs, 401(k), etc"
8. enter the information for your 1099R
9. Turbo Tax will ask you questions about your Traditional IRA distribution
10. When you reach the screen that says, "what did you do with the money?", choose the option that says, "I moved the money to another retirement account"
11. After you choose this option, another set of options will appear:
12. If you converted the entire distribution to a Roth IRA, choose "I converted all of this money to a Roth IRA"
13. If you only converted some of the distribution to a Roth IRA, choose, "I did a combination of rolling over, converting, and cashing out the money." If you choose this option, Turbo Tax will ask you to identify how much of the distribution was converted to a Roth IRA, and how much of the distribution was rolled over into another retirement plan.
14. Next you will the screen that says, "your 1099R entries". Scroll down to the bottom of the page and click "continue". Turbo Tax will ask you more questions and you will need your 5498 Form for your Traditional IRA. A year end statement might also provide the necessary information.