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Level 3
posted Mar 14, 2020 5:55:27 PM

Correct way to input NOL from prior year?

What is the correct way to input NOL from last year for the following situation? -

 

  • 2018 K1 / 1120S loss = $200K
  • 2019 K1 / 1120S income = $50K

Thank you!

 

0 1 424
1 Best answer
Level 15
Mar 15, 2020 8:09:55 AM

See https://ttlc.intuit.com/community/business-taxes/discussion/what-is-the-correct-way-to-input-nol-from-last-year/01/1317829/highlight/false#M44577

 

Also, note that TurboTax will not calculate an NOL; you need to compute it manually using Schedule A of Form 1045.

 

See https://www.irs.gov/instructions/i1045#idm139746110744256

 

 

1 Replies
Level 15
Mar 15, 2020 8:09:55 AM

See https://ttlc.intuit.com/community/business-taxes/discussion/what-is-the-correct-way-to-input-nol-from-last-year/01/1317829/highlight/false#M44577

 

Also, note that TurboTax will not calculate an NOL; you need to compute it manually using Schedule A of Form 1045.

 

See https://www.irs.gov/instructions/i1045#idm139746110744256