Where enter form 8995 line 3 info - Loss carryforward?
Where enter form 8995 line 3 info - Loss carryforward?
Answers
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In our software you will select: Income> Business income Deduction Carryforward. It will then have boxes for you to enter your information about your carryforward from prior years.
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Hi Scott Here;
Just wanted to add a view points of Particular you'll want keep in mind when entering form data into FreeTaxUSA:
- Form 8995, Line 3: This is where you report the amount of your qualified business loss carryforward that you're using to reduce your taxable income in the current year.
- Data Entry Quirks: Tax software can have specific ways of handling data entry. Double-check your entries after inputting the QBI loss carryforward amount on Line 3 of Form 8995 in FreeTaxAct.
- Review Before Submitting: Carefully review your tax return before submitting it, especially the section related to Form 8995 and the QBI loss carryforward amount.
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I put the carry forward in Other income - NOL (net-operating loss) and it offsets the @w2 income. It is not supposed to do this. Is there a way to enter this directly into the 8995 form in the qualified bussiness net loss carryforward …?
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This does not work for me. I've had multiple years of not making income with my business due to the pandemic and your program won't allow me to move forward with $0 business income and asks me to delete the Schedule C, which contains the over $15k Qualified business net (loss) carryforward from the prior year. I'm stuck in a loop and unable to file.
I've completed everything necessary to submit my taxes but your program won't allow me to move forward without deleting Schedule C due to no income within.
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whytiger - thanks, I ended up filing with taxact … in case that is helpful to you.
