No, a Form 1045 is not used to carryforward an NOL.An individual, estate, or trust files this form to apply for a quick tax refund resulting from:The carryback of an NOL,The carryback of an unused general business credit,The carryback of a net section 1256 contracts loss, orAn overpayment of tax due to a claim of right adjustment under section 1341(b)If you did your return in TurboTax last year, it will carry forward to Line 21, if you elected to forgo the carryback,

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TaxNewbe

Level 2

Solved

Do I need to file form 1045 even when I am carrying forward the NOL? Or only schedule A-NOL is enough? I incurred NOL in 2016 tax return. Can I file 1045 or sched A now?

Forum|Forum|7 years ago
June 6, 2019
1 reply
1 view

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TurboTax Free Edition Online

Best answer by Anonymous_

I believe the CARES act changed the NOL carryback rules and NOLs for 2018 can once again carried back.

Ref.: https://www.grantthornton.com/library/alerts/tax/2020/Flash/IRS-issues-expedited-NOL-carryback-filing-process.aspx

@88733 wrote:

I believe the CARES act changed the NOL carryback rules and NOLs for 2018 can once again carried back.

That is correct.

However, the statement made by @ColeenD3, referring to the NOL, that "The program would have calculated it [the NOL] and done it for you" is not correct; TurboTax neither calculates nor carries forward an NOL.

Anonymous

No, a Form 1045 is not used to carryforward an NOL.

An individual, estate, or trust files this form to apply for a quick tax refund resulting from:

The carryback of an NOL,
The carryback of an unused general business credit,
The carryback of a net section 1256 contracts loss, or
An overpayment of tax due to a claim of right adjustment under section 1341(b)

If you did your return in TurboTax last year, it will carry forward to Line 21, if you elected to forgo the carryback,

sweetsima73

Level 2

How would the election to forgo a carryback have been done? I feel like I should be able to do a carry over for 2019 from my losses in 2018, but I cannot make sense of 1 how to determine the right amount 2 how you prove it and i would rater just pay some one to do this part for me. ugh

ColeenD3

Level 15

@sweetsima73

As of the end of 2017, there was no longer an option to forgo the carryback, since you were'n t allowed to carry back.

Most taxpayers no longer have the option to carryback a net operating loss (NOL). For most taxpayers, NOLs arising in tax years ending after 2017 can only be carried forward. The 2-year carryback rule in effect before 2018, generally, does not apply to NOLs arising in tax years ending after December 31, 2017.

If you had an NOL in 2018, you would have had no option but to carry it forward. The program would have calculated it and done it for you.

If you did not do your taxes in TurboTax, search for NOL and then click "jump to NOL" and you will see the screen below.