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.

PatriciaV

Yes, you can report a 2020 Qualified Business Income Loss Carryover on your 2021 return in TurboTax Online.

You can find this easily by searching on "NOL" and clicking the "jump to" link to go directly to this topic. The first page asks about 2020 Net Operating Loss. Continue to the next page to enter the amount from Form 8995.

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