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SCC1620
Returning Member

How to populate (Form 8995- A) Schedule C

Trying to file just the Form 8995-A (Loss Netting and Carry forward) showing the carry forward from prior years. Single member LLC with no profit/income for 2023. Turbotax seems to ask for Schedule C (Form 1040) to be filed along with the Form 8995-A?  Is it possible to manually populate form 8995-A or is it linked to or does it require form 1040 to populate? 
Filed previous years with CPA first year attempting to file with TurboTax.
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1 Reply
LeticiaF1
Expert Alumni

How to populate (Form 8995- A) Schedule C

Since your business did not have profit in 2023, you will not get a QBI deduction.  If you have a carryforward deduction from a previous year, you will not be able to use it until your business had a profti again.  

 

To enter prior-year QBI carryforward:

 

  1. Login to your TurboTax account
  2. Go to Wages & Income
  3. Scroll down to Other Business Situations
    1. Under this category you will find Net Operating Loss/QBI Carryforward Loss, click Start.

The program will guide you as you enter your information.  

 

[Edited 2/26/24 | 6:10PM PST ]

 

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