Question

Negative business income

Forum|Forum|4 years ago
March 10, 2022
1 reply
0 views

Can I report negative business income /loss carried forward from previous years found on form 8992 line 16 to offset my personal income somewhere on 1040 and how would I do this

TurboTax Self Employed Online

J

JohnW152

Are you referring to IRS Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI)?

The IRS Prior Year Form 8992 search page indicates only two prior year Forms 8992, and neither have line 16. The form doesn't seem to be relevant to your issue, anyway.

Perhaps you are thinking of a different form. If so, please elaborate.

K

kims374Author

Form 8995 from 2020 has a negative bal on line 16.

Can I put that somewhere in my 2021 return to offset my regular employment income. I have a side business that has had looses over last several years.

Please advise thanks.

T

ThomasM125

The loss is from several previous years.

No, it is not a NOL, net operating loss. A net operating loss is when you have more business losses than your other income. It has nothing to do with a qualified business income loss carryover.

When you enter your business income (QBI) either from self-employment income or a K-1 schedule, you will be asked to enter any QBI loss carryovers form the previous year. That is the only place you would enter a QBI loss carryover.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"