topic Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online? in Investors & landlords

Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

farmhousegrace — Tue, 30 Mar 2021 02:23:42 GMT

Schedule C business loss

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

MarilynG1 — Tue, 30 Mar 2021 03:30:35 GMT

Click this link for detailed info on How to Enter QBI Loss Carryover.

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

muco39 — Sat, 10 Apr 2021 15:57:18 GMT

This info is not correct for this year. I have the same problem. TT neglected to include the loss carryforward option in that section.

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

JamesG1 — Sun, 11 Apr 2021 17:25:03 GMT

@muco39

In TurboTax Online Self-Employed, follow these steps.

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Income & expenses.
Scroll down to Other Business Situations.
Click Start / Revisit to the right of Net Operating Loss / QBI Carryforward Loss.
Enter QBI Carryovers at the screen 2019 Qualified Business Income Loss Carryovers.

In TurboTax Home & Business, follow these steps:

Across the top of the screen, click on Business.
Click Continue.
Click on I'll choose what I want to work on.
Scroll down to Less Common Business Situations.
Click Start / Update to the right of Net Operating Loss / QBI Carryforward Loss.

199-A negative overall QBI amount carries forward to the succeeding year and is treated as arising from a separate trade or business. Those losses carry over indefinitely until completely offset by positive QBI.

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

muco39 — Tue, 13 Apr 2021 19:05:20 GMT

Thank you James.

When I enter the QBI amount from 2019 it shows up in additional income form schedule 1. Is that where it is supposed to go? If I wanted to carry it forward how do I enter it so it shows up in form 8995. Is it up to me to show it as negative income or carryforward to next year?

Thanks again

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

DaveF1006 — Thu, 15 Apr 2021 00:16:02 GMT

Here is how to enter.

Log into Turbo Tax
Go to federal>wages and income>Other Business Situations>show more
Net Operating Loss/ QBI Carryforward Loss.>start
Move past the first screen and report in the second screen under.
2019 Qualified Business Income Loss Carryovers

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

solevitale — Sat, 15 May 2021 19:45:52 GMT

Hello. I have the same problem. I tried entering the Qualified business loss carryforward from 2019 but it doesnt show on line 3 Form 8995

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

solevitale — Mon, 17 May 2021 05:51:08 GMT

Hi, were you able to get an answer to this question? I have the same problem, I tried all the options here but I don't see the amount on line 3 form 8995. I appreciate if you can share if you were able to solve this

Thank you

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

kyla041818 — Mon, 24 Jan 2022 23:44:32 GMT

@JamesG1 is this still true in 2022 when filing 2021 taxes? I'm struggling to find where to put my QBI carryforward.

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

KrisD15 — Tue, 25 Jan 2022 00:12:53 GMT

YES

In TurboTax Online Self-Employed, follow these steps.

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Income & expenses.
Scroll down to Other Business Situations.
Click Start / Revisit to the right of Net Operating Loss / QBI Carryforward Loss.
Enter QBI Carryovers at the screen 2019 Qualified Business Income Loss Carryovers.

In TurboTax Home & Business, follow these steps:

Across the top of the screen, click on Business.
Click Continue.
Click on I'll choose what I want to work on.
Scroll down to Less Common Business Situations.
Click Start / Update to the right of Net Operating Loss / QBI Carryforward Loss.

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

Llys8 — Thu, 17 Feb 2022 04:27:22 GMT

Where does it go in Turbo Tax premier? I recall entering it last year April and yet now I see that it is not shown on line 3 on my completed return and my taxes have already been submitted to the IRS though they have not completed processing it.

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

ThomasM125 — Thu, 17 Feb 2022 04:56:06 GMT

@Llys8 You enter last years QBI loss in Turbo Tax Premier in the Wages and Income section, then Business Items, then Business deductions and credits, then Net Operating Loss, then on the second screen you will see 2020 Qualified Business Income Loss Carryovers.

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

cynthia29 — Mon, 28 Mar 2022 03:50:29 GMT

1 - Is there a reason why my 2020 from 8995 line 16 did not carry over to 2021 8995 line 3?

2- So I followed the instructions for TB premier and the loss reported on 1040 line 8. Is this correct? This creates a total current year loss plus the carryover which does not look right.

Thanks

Cynthia

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

cynthia29 — Mon, 28 Mar 2022 06:56:41 GMT

I figured it out! I entered the carryover in NOL which was incorrect and needed to go one step further to QBI loss carryover.

So anyone know why TB 2021 did not bring over the TB 2020 QBI loss?

Done.

cynthia

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

AliciaP1 — Mon, 28 Mar 2022 17:55:34 GMT

There is a known issue being investigated now in regards to the QBI losses not staying populated and defaulting to 2018 regardless of the year you enter them for. I will post with an update as soon as I have one.

@cynthia29

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

AliciaP1 — Fri, 01 Apr 2022 13:47:24 GMT

There will be an update to TurboTax on April 8, 2022, that will resolve this issue. If you are using one of the desktop versions you will need to install updates before you proceed.

@cynthia29

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

Jeffy14 — Sat, 09 Apr 2022 14:43:48 GMT

Has the error been corrected? I don't think so based on what I'm seeing on my return.

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

BCer50 — Mon, 06 Mar 2023 14:53:46 GMT

Hi Alicia,

I still can't find where to add the following:

Qualified business net (loss) carryforward from the prior year (Line 3 from 8995).

Whenever I try to add it to one of the options in "Uncommon Situations" it gives me an error at the end.

I'm using TurboTax premium. Is there a fix to this?

Thanks for your help! @AliciaP1

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

AliciaP1 — Mon, 06 Mar 2023 15:38:30 GMT

Can you clarify if you're using TurboTax Premium Online or CD/Download? Also, what is the error you are getting?

@BCer50

Re: Where do I enter last year's QBI loss carryover (Line 3, Form 8995) into 2020 Turbo Tax online?

BCer50 — Mon, 06 Mar 2023 15:48:58 GMT

Sure thing! I am using TurboTax premium online.

I tried following the instructions here but the only thing I see when I scroll to the bottom of "Wages & Income" is "Uncommon Situations."

Here, I only have 5 options which include these:

I don't find the QBI loss carryover as the other posts suggest I might find.

@AliciaP1