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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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- Re: Why would 2022 loss carryforward of $-63,623 not offset 2023 K-1 income of $219,957. The carryforward is applied on QBI worksheet, but does not reduce the total income.
Why would 2022 loss carryforward of $-63,623 not offset 2023 K-1 income of $219,957. The carryforward is applied on QBI worksheet, but does not reduce the total income.
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jjm-cffsllc-com
Level 1
07-02-2024
07:48 AM
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sjrcpa
Level 15
07-02-2024
08:59 AM
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QBI loss carryforward only offsets current year QBI for purposes of the Qualified Business Income Deduction.
It is neither a passive loss carryforward nor an NOL carryforward.
The more I know, the more I don't know.
