Hello,
I received the following answer 2 days ago from Diane and had a follow up question that hasn't been answered. Here is what Diane wrote in response to my question:
Yes, The contractor work is exactly why the questions popped up. As a self employed contractor you have income that is automatically considered as qualified business income (QBI). Since 2023 is your first year then you do not have any QBI carryover losses. Answer no to those questions, but be sure to answer 'Yes' to your business income being QBI.
Here was my reply question:
I appreciate your reply and that information. I think I understand. Just to clarify though: when turbotax gave me the questions about Passive loss carryover and income business carryover it wasn't a yes or no questions - they are asking me to enter amounts. Do I just enter zero or move forward?
Lastly, you are saying that if I continue to work from home part-time then next year I should be entering amounts in the passive loss carryover and income business carryover questions - correct? If so, I hope I understand at that time what to enter. Ugh, taxes! They've usually been easy for me but maybe I should have had someone do them for me this year.
Could someone please answer the above? I'm trying to finish my taxes. I'm using Home/Business desktop. Thank you, again, in advance. Kim
