2 part question:
One: On form 8995 I show a loss in line 16 for both 2019 and 2020. Should I include them or carryforward on 2021 return even if there is no income for 2021? I am worried I will "loose" the carryforward which I will want to use since i know i have income for next year already.
Two: How do I handle the carryforward for both 2019 and 2020. Do i use one at a time, starting with the oldest (2019) or do I add them together and use one $ amount as the carryforward?
You'll need to sign in or create an account to connect with an expert.
in turbotax any form that reported a QBI loss would have the carryovers from the prior years
that includes k-1's, schedule C, schedule E page 1
I imported last years return, but it is not populating this info. It is asking me if I have any carryforward, which as i understand it, i do on form 8995, line 16, so i can plug that in, but my question is 1) do i carry over the last 2 years worth of QBI Loss and if so how do i do this? Do i add them together or do i use the oldest one first or what? and 2) if i still dont have business income for 2021, do i still carry it forward to use in 2022, for which year i know i have income?
For clarification: turbo tax did create a form 8995 for me for 2019 and 2020 and i DO show a carryforward on line 16, my questions are the ones above on how i handle them. Please see the 2 separate questions above. Any help and clarification is appreciated. Thanks in advance!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
puneetsharma
New Member
dfarrey54
New Member
in Education
jsugargardner
New Member
mpeachey
Returning Member
plumrhonda
New Member