Hello again and thank you for responding. I have consulted with my CPA and we are both puzzled by the way TurboTax calculated NOL for me in 2018. Frankly, we are wondering whether there was an error on Turbotax's part.
I had a significant loss on a business venture than ended in 2018. The loss shown on a K-1 went on Schedule 1, Line 22 and was then reflected on Line 6 of the Form 1040.
In Section D of the Turbotax-created K-1 (entitled Qualified Business Income Deduction Information), line H 1 reflects allowable qualified business income of -$xxxxx. Turbotax also created a Qualified Business Income Component Worksheet and a QBI Deduction Simplified Worsheet reflecting in Line 16 of the Simplified Worksheet a Total QBI Loss carryforward of -$xx,xxx. That QBI Loss shows up on my 2019 Turbotax return and on my drsft 220 Turbotax return.
The CPA and I are trying to understand how I could have this QBI carryover if I took the entire loss on my Schedule 1 and Form 1040 in 2018? Are we missing a tax law aberration or did the Turbotax program create a QBI carryover it should not have? Thank you so much addressing this.
