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

jensen607
Level 2
 
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3 Comments 3
itonewbie
Level 15
  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.
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Still an AllStar
taxmo
Level 4

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
Level 15

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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