@Anonymous
I think you are saying that you see IRS form 8995 that reports a carryforward from a previous year. if so, the form is holding the carryforward loss so it is available for use on a tax return at a later time.
If the form is removed, does the carryforward continue to re-generate IRS form 8995?
In TurboTax Online, are you able to view the carryforward at Federal / Income & expenses / Other business situations / Net operating loss/QBI carryforward loss?
In the current year, the Qualified Business Income Deduction can be generated from one of two components.
- The QBI component can result from a sole proprietorship, partnership, S corporation, trust or estate. The first component would likely be reported on Schedule C, Schedule E, Schedule F or a K-1.
- The REIT / PTP component can be generated from qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income. The second component could be reported on 1099-DIV or a K-1.
If you can identify the source of the QBI, you can delete the form and re-enter or run through the TurboTax questions to make sure that the correct entry has been made.
See also this IRS Publication.
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