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What is the QBI Passive Carryforward? I'm not sure what to put in the box

 
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MaryK4
Expert Alumni

What is the QBI Passive Carryforward? I'm not sure what to put in the box

The CARRYOVER OF LOSSES—If the net amount of qualified income, gain, deduction, and loss with respect to qualified trades or businesses of the taxpayer for any taxable year is less than zero, such amount shall be treated as a loss from a qualified trade or business in the succeeding taxable year.  If you used TurboTax last year, it should have transferred automatically.  Otherwise, it would be on a worksheet from last year.

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3 Replies
MaryK4
Expert Alumni

What is the QBI Passive Carryforward? I'm not sure what to put in the box

The CARRYOVER OF LOSSES—If the net amount of qualified income, gain, deduction, and loss with respect to qualified trades or businesses of the taxpayer for any taxable year is less than zero, such amount shall be treated as a loss from a qualified trade or business in the succeeding taxable year.  If you used TurboTax last year, it should have transferred automatically.  Otherwise, it would be on a worksheet from last year.

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Anonymous
Not applicable

What is the QBI Passive Carryforward? I'm not sure what to put in the box

Is it that difficult to provide actual details to this question? Question: "I'm not sure what to put in the box" Answer: "it would be on a worksheet from last year." - Which worksheet and and in what section # that amount is provided? why are the expert's answers always vague to specific questions?

DaveF1006
Employee Tax Expert

What is the QBI Passive Carryforward? I'm not sure what to put in the box

It depends. Look in last year's return to see if you have a form 8995.  If you do, your QBI passive carryforward will be on line 3. If you don't have a Form 8995 from last year, then you do not have a QBI passive carryforward.

 

As MaryK101 mentions, if you filed with Turbo Tax last year, that carryforward would have transferred into this year's tax return.

 

 

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