ThomasM125
Expert Alumni

Deductions & credits

The correct thing to do would be to amend the returns to report the QBI losses. At a minimum, you should report the carryover loss when you enter your business income and expenses on the screen that says Let's gather your business info, under the menu that says Less Common Business Situations, choose Net Operating Loss/QBI Carryforward loss and enter your QBI loss carryovers from previous years. Otherwise, you may overstate your QBI deduction in the current year.

 

 

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