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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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
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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