My 2021 taxes were prepared by a CPA firm. I am preparing 2022 myself on the Home & Business version. My Carryover report form from 2021 has a Qualified Business Income Loss figure showing available for 2022. I need to figure out how to enter into Turbo Tax without generating an error during review.
I have entered the figure in the Less Common /Special Business section as found in other TT discussion threads. @KrisD15 has images in an older reply. I have also allocated each year's QBI carryover as required for this Schedule C. This Schedule C does have a loss for 2022 thus, additional QBI Carryforwards will accumulate to 2023.
However, error check is saying: "At Risk C/O - QBI should not have a value when no previously disallowed losses are present for regular tax purposes." The area it shows in is the Carryovers to 2022 Smart Worksheet (Enter carryovers from prior year below) form. On line B: Schedule C suspended loss's line the QBI Column figure is red with the error. Not sure what the program wants me to do to fix this issue. The figure in this erroring box is exactly what is on my 2021 Form 8995 Line 16.
If I put the same figure on the same line but in the Regular Tax column, the program recalculates and produces an extraordinary refund amount. I do not believe this would be correct. Another user did this and was able to not trigger an error flag. I don't believe this is the proper solution.
Can someone chime in on how to properly input a 2021 carryover? It is not as simple as entering the figure in the QBI Carryover Screen then allocating the figures to the respective years on the following screen. What am I missing?
Appreciate the help. Deadline is fast approaching.
