The amount on Line 16 – which should be a negative amount – is, indeed, a loss that you can carry over to future years, beginning this year.
You can’t use it against regular income, though – it can only be used to offset QBI.
According to Line 16 in the 2020 Instructions for Form 8995:
This is the amount to be carried forward to the next year. This amount will offset QBI in later tax years regardless of whether the trade(s) or business(es) that generated the loss is still in existence. This carryforward doesn’t affect the deductibility of any loss for purposes of any other provisions of the Code.
