Thank you so much for this clarification. All this is kind of new to me so I appreciate your help. After looking back at things I realize I was using the wrong terms. I would not have a NOL because as you described the loss in the business did not make my overall income negative. So that would not count for me. I should have referred to the correct term that was in TurboTax which was QBI Losses.
In Turbotax it says that I get the QBI loss number from my 2023 8995 form on line 16. Is that negative number what I would enter in on my 2024 taxes where it asks for my "Net Operating Loss/QBI Carryforward Loss"? In the tips it says something about a 20% deduction. Does that mean the number I enter in 2024 is 20% of the number that is on my 2023 8995 form or turbotax does that automatically so I just give it the full number.
