Can anyone offer assistance completing NOL section on Georgia State return?

It depends. We can't offer specific instructions in this forum but we can offer some guidelines on how to proceed. Here are some general guidelines.

 

1. Form 500-NOL is used to figure out and set your NOL for Georgia. Your NOL may be different from your federal NOL. It allows you to carry back or carry forward the loss, depending on your situation.
2. Gather Required Documents: You’ll need a copy of your federal tax return for the loss year, as well as any supporting documents related to the NOL.
3. Complete the Form: Follow the instructions on Form 500-NOL to calculate your Georgia NOL. Be sure to account for any differences between federal and state rules, such as the 80% limitation on NOL deduction.
4. Submit the Form: If you’re carrying back the NOL, the form must be filed within three years of the due date of the loss year’s return. For carryforward purposes, it must be filed by the due date (including extensions) of the loss year return.

The NOL can be a complicated subject. You might wish to engage with a Trubo Tax Live expert to help you with this for this year because it is easy to make a mistake that could be costly.  

 

Here is an additional resource that may help you prepare a 500-NOL on your return.

 

500-NOL Net Operating Loss Adjustment

 

 

I am using TurboTax premier desktop version. The NOL loss should be a negative number while the software asked to put in a positive number. Can anyone help on it? Thanks.

The program wants the NOL entered as a positive number and it will be SUBTRACTED from income. 

I tried with $0 income. I typed in a positive number in NOL and it printed the same positive number in the final form without a negative sign.

any update?

The net operating loss may appear as a positive number on the form, but if so it would be treated as a subtraction in the calculation applicable to it. 

 

@diladila 

Let’s rephrase it. When customer uses TurboTax print the form and mail to Georgia state tax filing, is Georgia expecting a negative number at line item to show as loss or a positive number on the item to show as loss? In 2023, it printed as negative number as loss. Why is it printing a positive number as loss in 2024?

Tax situations TurboTax does not handle - includes some NOL. See pages 15 and 16. If you are using the desktop version, you can force the numbers you want.