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Deductions & credits
QBI is based on income. NOL means that you have a greater loss than income. These losses are usually business losses and add up to more than all of your income, including any W-2 income. An NOL is not a loss on your business.
Losses or deductions that were disallowed, suspended or limited in tax years ending before January 1, 2018, are not taken into account in calculating QBI for later years. Generally, a net operating loss (NOL) deduction is not considered a business loss or counted when calculating QBI.
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ā€ˇFebruary 8, 2021
1:12 PM