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jensen607
Level 2
March 5, 2021
Question

How do I enter the QBI loss carryforward from last year if this is my first year doing the return?

  • March 5, 2021
  • 3 replies
  • 9 views
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3 replies

itonewbie
itonewbie
Level 15
March 5, 2021
  1. Go to the screen that reports that particular business' income;
  2. Click on the Less Common Scenario tab;
  3. Scroll down to the Prior Year Unallowed Passive Losses section; and
  4. Enter the relevant details under QBI.
---------------------------------------------------------------------------------Still an AllStar
    T
    taxmoIntuit Community Champion
    Intuit Community Champion
    September 21, 2023

    The other answer explained what to do if the QBI carryforward was from passive income, but there can also be QBI carryforward because the business had a NOL the previous year. 

    In that case, it goes on Income -> Net Operating Loss -> Federal Net Operating Loss -> Qualified Business Loss Carryovers -> Qualified business loss carryover. 

      George4Tacks
      George4Tacks
      Level 15
      September 21, 2023

      For 1040 look at Net Operating Loss > Federal Net Operating Loss and scroll to the last set of 3 entries. 

      Answers are easy. Questions are hard!
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