IRS Form 8995 with QBI Loss Carryforwards

For more videos on how to prepare Form 8995:
Form 8995-A for an SSTB: • How to File IRS Form 8...
Form 8995 for PTP Income: • IRS Form 8995 with Pub...
QBI Loss Carryovers: • IRS Form 8995 with QBI...
Form 8995 for REIT Dividends: • How to File IRS Form 8...
Form 8995 for QBI Deduction: • How to File IRS Form 8...
Certain taxpayers may be able to deduct up to 20% of their qualified business income (QBI) from qualified trades or businesses. The QBI deduction under IRC Section 199A was added as part of the Tax Cuts and Jobs Act (TCJA) in 2017.
If a taxpayer has an overall negative QBI amount in the current period, those amounts should be carried forward indefinitely until used by future positive QBI.
In this example, we look at a partnership where a taxpayer recognized an ordinary loss during 2021, which created a negative QBI carryover to 2022. The QBI carryforward was reported on Form 8995 Line 3. Having to carry forward the negative QBI was not to the taxpayer's benefit, but it is required under the tax code.
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#Form8995 #QBI #Section199A

[@alexandrobotelho9096]

Great explanation, it really helped me understand this for my taxes. Thank you.

[@user-ov9oq7vg4n]

Thank you for all the vids. Please keep uploading tutorials/videos.

[@Mjs2612]

Hi Jason, you are doing a good job educating people on TH-cam. I have a request to make a video on Form 8955 SSA - like how to file and what is the key thing to fill out. Appreciate your quick response. Have a Great day!!!!

[@salpremiers]

Great video!!

[@JasonDKnott]

Thanks!

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[@krithikaanandn11]

Nice video, 1 quick question, what if John had -10K loss on Passive real estate investment (this loss doesn’t offset Ordinary income) and John also has s-corp income of 30K and does QBI in this case is 20% of 30K or 20K? Thanks in advance

[@mustafamoomin111]

On point!

[@Hammer_Plays]

I am a non-US citizen residing outside USA and providing bookkeeping/consulting services remotely to a US based company as a freelancer and the payment is more than 5000 USD per month , is this applicable to any withholding tax in the US? Thank you for your help!

[@samiahmed8985]

hi sir
i am doing amazon wholesale business on my foreign-owned disregarded LLC and i have my ITIN
i have just started my business and getting good sales last month i did not transfer any profit to my own pesonal bank account yet because i am investing my profits into more inventory . in that case how many forms do i need to file?

[@juanmollo9719]

Hey Jason I been trying to contact you! I have some questions regarding LLC for foreign people! My big question is about my status. I am under an F-1 visa and I want to file the llc with my "foreign status" because I don't want my llc to be considered as opt. Can you help me with thi/s?

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