Turbotax Business prevents me from offsetting past losses. Why?

[mgmtcons]

I have a C-corp LLC with $12000 net income for 2022 and $70000 of carryover losses from 2014. Turbotax only allows me to offset $3600 this year.  Why? Am I missing something here?

[Anonymous_]

Did you have an NOL or a capital loss carryover?

C corporations can only use capital losses to offset capital gains in the current tax year (and carry net capital losses forward for five years and back for three years).

[mgmtcons]

Hi,

I have a NOL.

Thanks!

[Anonymous_]

Did you make a manual entry in the NOL carryover section of the program? 

There should be an offset of the $12k if the NOL carryforward is $70k. Something has gone awry, otherwise.

[HopeS]

If you are using TurboTax Online, you can enter the NOLs by following these steps:

1. Within your Federal return, click on Income & Expenses at the top of the screen
2. Scroll down to Other Business Situations and click Show more
3. Choose Start on the line for Net Operating Loss/QBI Carryforward Loss and progress through the interview.

@mgmtcons 

[Anonymous_]

Here is the subsection in which you will enter your NOL.