AliciaP1
Expert Alumni

Business & farm

Upon review, that is your NOL being applied to the current year, not the QBI loss.  Everything is reporting correctly now on your forms and schedules.

 

Your situation now resembles a blend of the 2 years' examples I gave.  You have net income for your farm in 2022 before any carryovers.  The combined income from the farm and other earned income (W2 & taxable interest) is enough to cover the entire NOL.  That is the amount listed on your Schedule F reducing the net income from the farm.  

 

Your QBI loss is applied to the current year's farm net income and now if you look at your Carryover Wks line 14a is blank (total used in 2022 so none to carryover) and QBI on line 29 is now reduced by the current year's income.  You still do not qualify for the deduction because the 2022 net income wasn't enough to exhaust the entire loss carried over, but it made a serious dent in it!  

 

@farmer875 

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