Schedule F At Risk Carryovers.

[mootzie]

I have farm losses for 2023 and previous years. What exactly does Turbo Tax want me to enter in the boxes for Regular Tax Carryovers and for QBI Carryovers (Schedule F)?

[ThomasM125]

Your QBI loss carryover would be the amount on line 16 of your prior year form 8995 that reports your qualified business income (QBI) deduction. Your section 179 deduction would be found on line 13 of your prior year Form 4562, and it reports your unused equipment or vehicle expense election amount.

I'm not sure what you are referring to when you say "regular tax carryovers". Here is a list of the carryovers mentioned in TurboTax, and a reference to what forms you would find the carryover amount on in your prior year return. You would have to look on those forms and schedules in the previous year to find the unused losses which would be the carryover amount:

[mootzie]

On the picture that was posted there is a column for Schedule F "Regular Tax Losses" and a column for Schedule F "QBI Losses". Just for Schedule F, should there be an entry in each of those columns and should they be the same?

I only entered a value in Schedule F QBI Losses, and TT flagged me with the comment "QBI should not have a value when no previously disallowed losses are present for regular tax purposes".

[mootzie]

Sorry, I meant to say I'm asking about At Risk Losses.

[PatriciaV]

You may not have ATM losses, but if you had QBI losses, you should also have Regular Tax Losses.

If you have At-Risk Carryovers, they will be reported in the same areas of the forms where you found the Regular and QBI carryovers. 

On Schedule F, look for this section:

@mootzie 

[mootzie]

My carry over sheets do not have info filled in like that. They are mostly blank and all I have is the total QBI loss. If I try to enter something in on the regular tax , suddenly i am getting a huge refund

[mootzie]

Sorry, this is very confusing for me. What exactly are Regular Tax Losses and why in your example would they be different? I do have other income other than the farm losses which is greater than the farm losses. Would that eliminate any Regular Tax Losses? QBI Losses would come from which line? We do have a farm store that is reported on Schedule C but is an aggregated business to the farm and offsets some of the farm losses but not all. Do I just report the farm losses on the QBI Farm Loss line or the combo of the two since they are aggregated businesses? 

Since my total income cancels out farm losses am I required to file any extra forms or waivers ? I read a question from last year and saw something about a carryback waiver.