Question: Where do I record my loss from previous years on the right or the left?
- In your first screen image you record the loss on both the right (if applicable) and the left. The left is the actual QBI loss carryforward and the right is the amount of the loss for which you are at risk. The at-risk rules prevent taxpayers from deducting more than their actual stake in a business. If you do not have loans or money that you are not responsible to repay, then you would have amounts that are not at risk.
Question: Why does TurboTax call it carryovers when the IRS refers to it as carryforwards?
- The words are interchangeable and are both used by TurboTax and the IRS. The word carryforward has been used more recently and more often than in the past.
At risk means the same whenever it is used (definition above).
In the second image you need to enter the QBI losses that pertain to each year and the combined total should equal the total.
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