We posted a question a couple of days ago about the need to complete form 8995A and the extra page "Loss Netting and Carryforward" and include it with our 2024 return. Received an answer but we are still a little confused.
We were advised that Form 8995A is optional. If there is no Qualified Business Income Deduction available, or a wish to carryforward any loss, it is not neccessary to include any part of Form 8995A with the return. Other than the loss shown on our Schedule C, there is no other loss shown on the return, and there is no available Qualified Business Income available to report on the return.
The remaining question stems from the fact that Form 8995A was filed for 2023 and a loss carried forward. The loss will serve no future purpose as we have sold the business. After a small loss on Schedule C for 2024, we will never again file a Schedule C. Can we allow the previous loss carried forward to simply "die," or must it be further accounted for on another form.
Best case scenario would be that we could ignore having completed the 8995A filing for 2023, and not include any of the pages related to Form 8995A for 2024. We have no wish to carry forward either of the losses 2023 or 2024 for the reason stated above.
Can we do this without suffering any possible repercussions?
Thanks again!
