topic at risk carryover in After you file

at risk carryover

mootzie55 — Tue, 08 Apr 2025 20:38:29 GMT

Every year I have problems with this. I have an at risk loss for my farm. As near as I can tell, I have no disallowed losses when I look at the Activity Summary Smart Worksheet for my Schedule F. The only lines that have any numbers are Line D - tentative profit(loss)and Line I net profit (loss) allowed. So do I put those numbers in as regular and QBI carryovers in the interview?

Re: at risk carryover

JamesG1 — Tue, 08 Apr 2025 21:59:30 GMT

In TurboTax Online, report the at-risk loss as follows:

Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & income.
Click the down arrow to the right of Rents, Royalties, and Farm.
Click to the right of Farm Income and Farm Rental.
At the screen Farm Summary, select Edit.
At the screen Your Farming Income and Expenses, scroll down to Final Details. Select Update to the right.
At the screen Other Situations, select I have Qualified Business Income, passive activity, or at-risk losses carried over from last year. Select Continue.
At the screen At-Risk Carryovers, enter the at-risk carryover.

Re: at risk carryover

mootzie55 — Tue, 08 Apr 2025 23:26:05 GMT

I should say I'm using TT Deluxe, though that shouldn't make a difference. So , I am assuming I am going to pull my info from last year's Form 8995 line 16? That figure, though, is derived from adding lines 1i-1v, column c. There is another business reported on the form plus the farm business (which was unfortunately aggregated with a related to the farm). Which means the loss from the farm which is on Schedule F has been offset by the business its aggregated with and the other business reported which had a positive number for QBI. Confusing? Most definitely!

So back to my original question, which now has given you more information. How do I enter the information TT is looking for since by going to Form 8995 line 16, it doesn't give a clear picture of what the QBI carryover from Schedule F alone is. But, if it's all going to Form 8995, is that necessary other than the fact that I can't keep track of the Schedule F alone losses?