On Form 8995 (A) Section IV Line 29 should reflect a PTP (loss) carryforward from prior year to offset the Section 1992A qualified PTP income. Why is this blank?

[JamesG1]

Was the QBI loss carried forward from 2020?

In TurboTax Online, view under Federal / Wages & Income / Your income / Other Business Situations / Net Operating Loss QBI Carryforward Loss.

Are you in the same TurboTax as last year?  The carryforward will not be found if you are not using the same account as last year.

[orangesherbet0]

So your saying, Turbo Tax will only correctly track carryforward losses (e.g. Qualified PTP Loss ) for prior years if the customer used Turbo Tax in prior years? Your competitors don't have this limitation. Also seems of dubious legality.

EDIT: Actually, that person is saying there is another form counterintuitively placed under "Income" where you can report Qualified PTP Loss carryforward. Makes me think, wow, you have to go through every possible part of the "Income" section to make sure there aren't carryforwards hiding.

[DianeW777]

No, that's not what is being said.  If you did not use TurboTax in a prior year, that simply means you need to make your entry of the carry forward loss from your prior year return.  The steps were provided for you to review and complete the entry and posted below for your convenience.  It's important to make sure all information from any prior year return, that should carry forward is in the current year return.

• Federal / Wages & Income / Your income / Other Business Situations / Net Operating Loss QBI Carryforward Loss

We are here to help with any question you may have while completing your tax return.

@orangesherbet0