Yes, first it will go to Form 8995 and if there is any allowable qualified business income deduction (QBID) it will carry to your 1040, Line 13 as indicated by our amazing Tax Expert @MonikaK1. When you enter the information TurboTax will automatically do the calculations.
Wages are not part of qualified business income however the taxable income is factored in to see what the allowed QBID might be. It is a 'lesser than' calculation. You cannot use that loss against personal income. You can carry it forward to offset any future qualified business income (QBI) for a business or investment K-1 profit or positive qualified business income (QBI).
To include your QBID carryforward loss so that it is not lost you can use the steps below.
- TurboTax Desktop or TurboTax Online
- Business Income and Expenses > Less Common Business Situations > Net Operating Loss/QBI Carryforward Loss
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