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Business & farm
Yes, you are correct. You are required to "use up" the loss carryback on all existing AGI for the years that qualify in order to correctly calculate your carryover amounts. Also, even though you have not had a profit, your income still is QBI, so you have QBI loss carryovers as well as your NOLs. QBI does not carryback though and only offsets other QBI. So your NOL carryover will be a different amount (lower) than your QBI loss carryover.
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March 16, 2023
7:45 AM