Form 8995 - QBID Loss Carryover Entry
Desktop · Written guide Content date 1 min read
If the taxpayer's prior year Form 8995 shows a loss carryforward on line 16, you'll need to enter this in its menu in their current year return.
To enter prior year QBID loss carryforward in the individual tax return in Tax Processors Plus Desktop, from the Federal Section of the tax return (Form 1040) select:
- Deductions
- Qualified Business Income Deduction
- Prior Year Qualified Business Loss Carryforward
- Prior Year Loss Carryforward - Enter amount on last year's Form 8995 line 16.
Note: This article provides navigation instructions in Tax Processors Plus Desktop. It is not intended as tax advice. You are encouraged to read the Form 8995 and 8995-A Instructions as well as other IRS information about the QBID.
Additional Information:
Qualified Business Income Deduction - Overview
IRS: Instructions for Form 8995, Qualified Business Income Deduction Simplified Computation
IRS: Instructions for Form 8995-A, Qualified Business Income Deduction
IRS: Qualified Business Income Deduction