- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Does anyone know the screen where I enter a carryforward loss to reduce the QBI deduction in the current year?
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Sch C?
Left side, under 'Sections', then under 'Prior Year Unallowed Passive Losses. Then down a bit to QBI.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It's from an S Corp that i didn't prepare last year.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
For future reference, Lacerte has this snifty feature:
Go to where you expect the info/amount to appear. Right click on that field, then click on "jump to input". That will *usually* take you to where you to input the info (or give you the various options when there are multiple places).
I'm not sure it works on F 8995 or not.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Likely in the same general area then - PAL carryforwards.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Individual program. Screen 15 NOL. Cur. Yr NOL / Misc. At the bottom of the screen see Qualified Business Loss Carryovers.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Can't make this work for the carryover to appear on Form 8995 line 3. I did not prepare last year's return, so need to enter. It appears as an NOL c/o, not QBI c/o, even though I am selecting QB Loss Carryover on the bottom left. How do I differentiate between entering an NOL c/o and a QB c/o?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Forgot to mention that this is for a Sch E rental activity.
Thank you
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You may have figured it out by now, but if you enter the loss where you've indicated, it should show up on "Form 8995-A Sch C" which is a second page. You should see it on line 2 of that form, then it will cancel out QBI income of various sources on that Sch C such that the amounts on Form 8995-A are reduced or eliminated.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you for your response.
I did figure it out - the issue was that my screen was not showing the bottom part of the screen 15, the grid entry. I had to physically drag the bottom of the screen up to display all the additional fields, and I was able to see where to enter the QBI carryforward.
It is now showing up on Form 8995, line 3, as expected. Form 8995-A does not apply to this client.
Thank you