I am using Turbo tax 2021 desktop version to carry forward a 2020 NOL. I have gone through the process to amend my 2021 return using the on-line step-by-step screen to enter the NOL carry forward from 2020. I entered the amount from my "2020 worksheet 1 - Figure NOL". After a week, I determine the amount I calculated was not correct. I went back to Turbo Tax and updated the NOL 2020 carry forward amount. Unfortunately, the 2020 NOL carry forward amount I entered on the screen did not get updated on:
- Form 8995 line 3
- QBI Deduction Summary line 3
I am also amended my 2022 and 2023 returns. Luckily, Form 8995 and QBI Deduction Summary have been properly updated. This is a minor item but I did want to make note of this in case TurboTax wishes to review.
George
@GeorgeGLS wrote:carry forward a 2020 NOL.
Unfortunately, the 2020 NOL carry forward amount I entered on the screen did not get updated on:
- Form 8995 line 3
- QBI Deduction Summary line 3
Did you file your 2020 tax return on time and make the election to "waive the carryback" of the NOL? If not, the NOL is carried BACK five years, not forward.
The carryforward for Form 8995/QBI is a completely separate carryforward than an NOL. I can't see your tax return, but amending to add a NOL carryforward won't directly affect line 3 of Form 8995.