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Business & farm
No, 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 CD/Download or TurboTax Online
- Business Income and Expenses > Less Common Business Situations > Net Operating Loss/QBI Carryforward Loss
- Under Income and Expenses > Other Business Situations > Net Operating Loss/QBI Carryforward Loss
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March 7, 2021
1:29 PM