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QBI carryover loss

I have had QBI losses since 2012 ($125K) or (2018-2022 ~ ($115K) )and this is the first year I have positive QBI $55K.  I also am under the AGI threshold so I know I can deduct 20% of my QBI which for this example = $10K.  Since this is my first year being positive how much of the carryover loss can I deduct?  

Do I only go back to 2018 when deduction began and is it deductible up to the max of income of $55K?  I'm so confused I keep reading conflicting opinions.  Thanks

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1 Reply
ThomasM125
Expert Alumni

QBI carryover loss

The QBI carryover loss is applied to your QBI income for the current year and the net is your income for purposes of computing your QBI deduction for the current year. Since your QBI loss carryovers are more than your QBI income this year, you will have no QBI deduction in the current year.   The QBI losses aren't like normal loss carryovers, they aren't deductible accept against QBI income. 

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