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Level 1
posted Mar 13, 2020 1:27:43 PM

K-1

I am being asked to correct an entry for "previously disallowed QBI losses to be reported as separate business".... I don't know that that means or how to correct it.

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1 Replies
Employee Tax Expert
Mar 13, 2020 1:56:48 PM

You may have had losses in 2018 that you were not allowed to claim so they carried over to this year. You may qualify to claim them this year. You will need to review last year's return for disallowed QBI.  This IRS article on QBI should provide insight and guidance.