Tax how to report a loss to carry forward

[Clampet]

Question I have a LLC. IN 2021 we had a loss do to ordering parts for customer and paying in advance for parts.

Do to the supply chain the parts were not completed  till 2022, at which time we were paid and completed the project. Now in 2022 we will have a larger income.  We did have a 8895 form completed for the lost but we would like the full carry forward amount in 2022 taxes year.  Did we fill out correct form.  I told we are only allowed 20 percent of the carry forward amount.  Any help greatly appreciated in advance.

[Anonymous_]

@Mike9241 

[Mike9241]

if a single-member LLC, did you have an NOL for that year?  that's because you can have a business loss that offsets other income for that tax year. in that case, there's no NOL to carry forward to 2022 except possibly for QBI/199A purposes but not for regular income taxes. we can not see your returns. Turbotax doe not compute NOLs only QBI loss carryforwards. 

to compute to see if you had an NOL for 2021 use schedule A in form 1045. read the instruction so you can properly differentiate business vs non-business itemshttps://www.irs.gov/forms-pubs/about-form-1045 

8895? are you sure it isn't an 8995 for QBI  - but that loss may not be the same as your NOL if any.