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nh21
New Member

NOL carryover 2019

I have a qualified business income loss (form 8995) from 2019. Does turbotax automatically carry over the amount to tax year 2020? Should I manually enter it in the "Net Operating Loss/QBI carryforward loss" section tax year 2020?

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2 Replies

NOL carryover 2019

if you were in the same a/c as 2019 the losses should have carried over.  however, 8995, if for qualified business income/loss (199A) and does not necessarily represent the net loss. QBI started in 2018 so losses before then are not included for this purpose. 

 

 

you say net operating loss - that's a concept that relates to a return as a whole and not to a specific activity.  the net loss from a specific activity that is disallowed because of the passive activity rules gets reported with that activity and as mentioned can be different from the QBI loss 

Goesha1
Returning Member

NOL carryover 2019

I had an unallowed net operating loss from 2019 that turbo tax carried over as a subtraction in my 2020 taxes, I

want to know if this is correct.  I also contributed $12,000 to two 529 accounts and I received no discounts on the  double EE bond interest, and I also want to know if this is correct.  I cannot get an expert from Turbo Tax to call ne?   I keep getting community answers which do not help me.

 

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