Turbo Tax Business LLC | Qualified Business Income and Carryovers

Yes, your LLC is a pass-through entity.  At the end of the year, all income and expenses are allocated to the LLC members per the LLC agreement and 'pass-through' to you personal income tax return.  Carryover items can be applied in future periods to offset income in those periods - again, income and expenses in those years will be allocated to the LLC members at the end of the year.

Thank you

Do I need to fill out the Qualified Business Income and Carryovers worksheet in order to carry over the losses or is this an accounting number I keep on my records. 

The Turbotax flow has a "worksheet"  where I can enter amounts qualified for carryovers including last year. I have small losses both years 2019 that was reported in my 2019 return and personal taxes in the k1's. 

I am not sure if I add the full amount or just a qualified % or of I can just leave blank. The return and the k1s will reflect the 2020 loss

Thanks

Add the full amount. You want to continue to carryover those losses.

Thank you for your help

In the form, I am not allowed to enter a negative amount. Can I safely assume I should enter the total amount to carry over as a positive number?

In the K1 printouts, I see the 2020 Ordinary Business Income (loss)  and the amount -$4000 (negative number)
Then, down below, I see section 179 Deduction and the amount $5000 (positive number) 

$-5000 was the amount I reported as a loss last year on my 2019 return 

I would like to extra double-check that this section 170 deduction is done correctly and it is needed for my case. My expenses are not for rentals or equipment

Thanks  

It would be inconsistent that your LLC would have Section 179 deductions and post the loss you have.  Also, Section 179 deductions are only used as accelerated depreciation on equipment.