2023 Profit and Loss in the Negative

[soaring22]

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.

[VolvoGirl]

No a loss on schedule C doesn't carryover.   You take the whole loss on the 1040.  It will reduce your other income.  

[soaring22]

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?