TOTAL QUALIFIED BUSINESS LOSS CARRYFORWARD

[itsdrewdollar]

On my tax transcript from last year it shows a negative $ on this line. My question is—is this negative $amount included in that years return or is the negative $ amount the amount I am allowed to carry forward to my taxe return for this year?

also if I did not do business from which this carry forward is from this year am I required to wait until a future year when I have done this same business?

[Anonymous_]

See https://www.journalofaccountancy.com/issues/2020/nov/sec-199a-qualified-business-income-deduction-ne...

[Critter-3]

@itsdrewdollar 

Are you referring to the QBI deduction,  a loss on the Sch C  or an NOL on the 1040?

[Mike9241]

what line? what form? 

[itsdrewdollar]

It’s a loss from schedule C. I dont have the form so I dont know what line. I’m referencing information from an IRS Tax Transcript. 

[Mike9241]

a schedule c loss means nothing. you can have one and still not have any sort of loss carryover.

to figure if you do you really need schedule A from form 1045 starts on page 3

https://www.irs.gov/site-index-search?search=1045&field_pup_historical_1=1&field_pup_historical=1  

as you know a transcript is available online but if you need a full copy of the return you will need to file form 4506 for which there is a fee of $43

 https://www.irs.gov/pub/irs-pdf/f4506.pdf 

[itsdrewdollar]

Okay from the 2020 transcript it says this.

I’m just trying to figure out if I can use the carry forward for this current year or if this carry forward was already applied. 

[Critter-3]

OK ... so it was the QBI deduction ... if you used the same account as last year then it should have carried forward automatically and used  if allowed and carried forward if not.    Look at the form 8995-A  in your return and line 13 of the form 1040. 

[itsdrewdollar]

I don’t have copies of the actual return for me to reference. (Which is my main problem). I’ll have to ask for copies from the IRS. My goal here was to find out if the carry forward was already applied to the 2020 or if I can use it to offset my 2022 tax year. The due date for my extension  for 2021 is coming up so if I request a copy of the return I know I won’t receive it in time to apply the carry forward to 2021(you know dbl check to make sure) so I’ll apply it to my 2022.