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Loss Carryover from Business
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yeknod
Level 3
08-10-2023
08:22 PM
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TP has a Loss Carryover of 20K from previous years. 2020 and 2021. Loss was from an S-Corp and Capital Losses. (10K each)
The only income for 2022 was W2 income.
The carryover worksheet shows Qualified business loss carryforward of 20K. I thought the system would give a 3K loss deduction in 2022 against the W2 income.
Am I thinking incorrectly?
Thanks in advance!
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4 Comments 4
sjrcpa
Level 15
08-10-2023
08:35 PM
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Qualified business loss is for the 199A deduction only.
The capital loss carryover should be used, $3,000 worth. Check how you entered it.
EDIT: Or are you saying that both the ordinary and capital loss are Qualified Business loss carryovers?
The more I know, the more I don't know.
yeknod
Level 3
08-11-2023
02:44 PM
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Actually it shows Sections 1231 Losses not Capital losses. Can those be used for the 3k loss deductions?
sjrcpa
Level 15
08-11-2023
04:29 PM
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If it's all Qualified Business Loss carryovers, all they will do is reduce Qualified Business Income (for the 199A QBI deduction) when and if client has some.
The more I know, the more I don't know.
TaxGuyBill
Level 15
08-11-2023
05:16 PM
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You probably want to figure out exactly what you are looking at.
Are these "losses" listed on Form 8995? If so, they aren't really carryover losses. It is just carryover information that will affect future QBI deductions. The actual loss should have already been taken - you can check the prior year returns to verify that the actual loss has already been taken.
