I have a client who has a small service business (receives Form 1099-MISC) in addition to her main job as an employee (receives Form W-2).

Forum|Forum|6 years ago
December 7, 2019
3 replies
16 views

After deducting expenses, including an office at home, and carryover losses there is a loss for 2018. Are the provisions of the TJCA applicable or would filing be the same as 2017?

ProSeries Basic

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Best answer by IRonMaN

20% times zero equals zero, so the return should look pretty much the same as last year ------------ ignoring the sporty postcard design.

IRonMaNAnswer

Level 15

20% times zero equals zero, so the return should look pretty much the same as last year ------------ ignoring the sporty postcard design.

Slava Ukraini!

abctax55

Level 15

But make sure you track that loss, and carry it to 2019 for future adjustment to QBI.

HumanKind... Be Both

rbynaker

Level 13

What are carryover losses?

W

wethepeopleAuthor

Level 5

Resulted as expenses including office at home deduction were greater than the gross income reported on Form 1099-MISC. The schedule C deductions were limited to the gross income and the excess were carried over to future years.

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