If you're showing a loss for 2023 in the business income section, does turbotax automatically carry it over to 2024 as a NOL? In the Net Loss section there's a carryover from 2022. It doesn't allow entering anything for 2023 which makes me think it would be redundant since it is already showing in the P&L section.
Any help with clarifying this would be greatly appreciated.
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No a loss on schedule C doesn't carryover. You take the whole loss on the 1040. It will reduce your other income.
Thank you for your quick reply. In this instance, the negative is so great that the value of offsetting other income is lost. Is there a way to carry most of it forward to 2024? If so, where would I enter that information?
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