I am filing my 2024 taxes and wanted to carry over a small business loss from 2023. I have actually had losses in previous years just never accounted for the QBI loss carryover before.
Since the number was not auto entered in TurboTax from 2023 I want to enter it but i do not know what number to use in my 2023 tax return. In turbotax it says you find your QBI loss number for 2023 on form 8995 and use the number in line 16. I just want to make sure I am using the correct number beacuse it says something about 20% deducation and was not sure if I can only carry-over 20% of what is in my 2023 8995.
