I do have K1s from other companies. My question related to how I enter last year's carry forward loss into TurboTax. This is my first year using TurboTax, so still finding my way around.
I spoke over the phone with a support person at TurboTax. They were very helpful and it turns out it doesn't matter that I no longer receive a K1 from the company that generated the original loss (they converted from an S-corp to a C-corp).
Last year's carry loss forward is entered as follows:
- Click on Wages and Income -> Other Business situations -> Net Operating Loss/QBI Carryforward Loss
- Leave Net Operating Loss for prior year blank
- Under Qualified Business Income Loss Carryovers
- Enter the value from last year’s Form 8995, line 16
