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Returning Member
posted Feb 21, 2021 4:39:47 AM

Form 8995 carryover but no longer own a business

I have carryover losses reported on form 8995, however, I am no longer in business and have no intention of opening a business.  How do I take this carryover?  Thanks

0 5 4524
5 Replies
Expert Alumni
Feb 23, 2021 8:46:03 AM

Qualified Business Income Loss Carryover is the amount of the Qualified Business Income Deduction that is is not allowed due to the passive income rules. 

 

Are you able to change the 2019 Qualified Business Income Loss Carryovers to $0?

  • Down the left side of the screen, click on Federal.
  • Across the top of the screen, click on Wages & Income.
  • Scroll down to Other Business Situations, click Show More to the right.
  • Click Start / Revisit to the right of Net Operating Loss / QBI Carryforward Loss.
  • Follow the screens to override the Qualified Business Income Loss Carryover.

@Gator-Nation

[Edited 02/24/2021 6:59 AM PST]

Returning Member
Feb 26, 2021 7:44:50 AM

Thank you for the response.  However, I am using the TurboTax Premier PC version and the listed options you named do not exist.  How do I get to this information on this version?  Thank you again

Intuit Alumni
Feb 26, 2021 6:57:52 PM

Please see the links below that will help entering QBI loss carryover, Form 8995:

Returning Member
Apr 23, 2021 3:57:02 PM

I'm trying to correctly enter my 2019 QBI loss into TT Premier 2020 .

 

Other answers on this forum recommend entering at Other Business Situations/ Net Operating Loss/QBI Carry Forward Loss.

 

In TT Premier 2020, the layout instead shows;  Business Items/Business Deductions and Credits/ Net Operating Loss.  There is no reference here to QBI..   My question is: can I enter my QBI loss carryforward in the NOL field?  Is NOL the same as Qualified Business LOss carry forward?

 

Thanks in advance. 

Expert Alumni
Apr 28, 2021 8:33:01 AM

Yes enter there if it is indeed a qualified QBI Loss.  No NOL is not the same as QBI.

 

Not enough information provided to be very specific about your case however, if you filed last year and this was indeed a QBI loss it should have automatically translated over to the 2020 return.  Also, the type of business that generated the QBI would allow us to assist in identifying whether you have a QBI carryforward.