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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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QBI Deduction Carryover
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Love2Cruise
Level 4
03-24-2020
10:33 PM
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Client had a Schedule E passive loss carry forward and QBI loss carryover, if I'm reading the 2018 tax return worksheets correctly. Again, prepared by a CPA, so the worksheets look like Word documents and are bit confusing. However, the QBI loss was entered on 1040 line 6 (total income) for 2018 and also listed on the 2019 Carryover worksheet. I've entered the passive loss carry forward but am not sure about entering the QBI as it seems like it would be taking the deduction twice. Am I correct in my thought process or should it be actually entered this way?
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Love2Cruise
Level 4
03-25-2020
08:04 PM
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Does anyone have some thoughts or input?
