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Business & farm
The Section 465(d) carryover is referring to passive losses which were disallowed due to "at-risk" limitations. That is where you may have indicated all your investment was not "at-risk" for the activity. Look in your personal tax return and see if you have a Form 8582. If so, you will see any prior year unallowed losses in Part 1.
The QBI error you are referencing is actually another component of losses. QBI stands for qualified business income. When you have a loss they may be accumulated as QBI losses to offset future QBI income.
AmyC has a great discussion about how to resolve the QBI error along with screen shots. It can be found here.
IRS publication 925 contains all you want to know about passive activities!
May 22, 2024
2:37 PM