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Level 2

Determining my Net Operating Loss from last year.

I had a 278k loss from an LLC that dissolved in 2018,  I made 200k.  So, my bottom line was a negative 78k for 2018.  I'm reading and reading how to calculate my NOL to carry it over to 2019, but its really difficult to follow.  It seems to me my NOL for 2018 is 78k.  My tax return is fairly simple, is there a simple way to calculate NOL from a prior year? 

1 Reply
Level 20

Determining my Net Operating Loss from last year.


@DaveDivision10 wrote:

My tax return is fairly simple, is there a simple way to calculate NOL from a prior year? 


No, and TurboTax does not support calculating an NOL so you are pretty much stuck with the worksheet.

 

See https://www.irs.gov/publications/p536#en_US_2018_publink1000177330

 

FWIW, if you have an NOL, your return is not fairly simple so you might want to seek professional guidance.