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Mydearman
Level 3
September 25, 2024
Question

Desktop Premire Form 8995-A and Schedule C

  • September 25, 2024
  • 1 reply
  • 0 views

Why F8995-A Line 2 shows 0?  Which input data flows to this Line?

Where do I have the system calculate the loss netting because of the carryover from 2022?

    1 reply

    D
    Employee Tax Expert
    dev145Employee Tax Expert
    Employee Tax Expert
    September 25, 2024

    Hello Mydearman,

     

    Line 2 on form 8995-A comes form qualified business income, (i.e SE income, k1 income, 1099-DIV income, certain trust and estate income etc.). 

    If you have a QBI loss from 2022, it will go on form 8995, line 3

     

    Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

    M
    MydearmanAuthor
    Level 3
    September 25, 2024

    All K-1 income are input but not showing on Line 2 therefore the loss netting is not calculated.

    D
    Employee Tax Expert
    dev145Employee Tax Expert
    Employee Tax Expert
    September 25, 2024

    On K1 entries, did you answer and inputted all the info. about Section 199A/QBI deductions (Code Z, box 20 for 1065 and code V box 17 for 1120S? If those are missing, TurboTax will not calculated QBI. 

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