If you have a qualified business loss that couldn't be used in a prior year, the loss is generally not included in your Qualified Business Income (QBI) for that year. Instead, it becomes a Qualified Business Income loss carryforward and may reduce your QBI deduction in future years.
If you filed with us last year, your QBI loss carryforward will automatically transfer to your current return.
How Do I Enter or Update My QBID Carryover?
If you filed with another tax provider or need to adjust the carryforward amount, follow these steps:
- Select Federal Section
- Deductions - Select My Forms
- Qualified Business Income Deduction
- Prior Year Qualified Business Loss Carryforward
- Prior Year Loss Carryforward
Enter the applicable carryforward amount from your prior year's return.
Important Information
Any amount entered in this field will override the carryforward amount transferred into the return, if one exists. Before making changes, verify the amount using your prior-year tax return or supporting worksheets.