The purpose of my reply is I trust Turbo Tax reads these posts. I've used TurboTax for at least 10 years. I have an S-Corp. In 2020, I suffered a substantial loss (relatively speaking to the size of my business). But for the forgiven PPP loan/grant, the business survived. I didn't think about how the actual loss would be treated relative to the future ask a QBI/L. I only learned about its treatment with my 2021 return through a deep dive into TurboTax and instructions for Form 8995). I too have an ACA plan through the Market Place, however, in December 2020, when I applied for the plan, I wasn't aware of the NOL CF. Fortunately, my actual income was higher than estimated on the application and the NOL CF didn't put me below the qualifying estimated income limits.
Unless I miss it, TurboTax software did not inform me of the NOL CF upon completion of my 2020 federal filing. I would expect as part of the final review, the NOL CF would be noted. If the rules in this case were not in place at that time, I would expect a notification with the 2021 software upon the auto up-load of the previous year's tax filing. Or am I missing something already in place and I overlooked it; or am I expecting too much from the software?
