Program is allowing loss from Schedule C to offset other income AND carrying forward the entire loss as a QBI loss carryforward. This seems incorrect.

Forum|Forum|3 years ago
October 7, 2022
2 replies
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Lacerte Tax

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PhoebeRoberts

Intuit Community Champion

That's how QBI works, yes. QBI losses only offset QBI income, and otherwise carry forward.

B

bethbrakeAuthor

Level 3

The program is allowing the current QBI loss to offset capital gain and dividend income AND carrying the full QBI loss forward to 2022.

T

TaxGuyBill

Level 15

@bethbrake wrote:

The program is allowing the current QBI loss to offset capital gain and dividend income AND carrying the full QBI loss forward to 2022.

No, the program is allowing the current BUSINESS loss to offset other income. That is how it works, losses offset income.

The QBI that you are referring to is a type of deduction, not income or a loss, so it is completely separate than claiming a loss. The "QBI loss" that is being carried forward merely means it is reducing future QBI deductions.

joshuabarksatlcs

Level 9

Not just on Friday. Same rule for other days of the week...

I come here for kudos and IRonMaN's jokes.

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