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Does the turbo tax software auto generate a NOL to use next year

 
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1 Reply
JamesG1
Expert Alumni

Does the turbo tax software auto generate a NOL to use next year

TurboTax does not support the calculation of a Net Operating Loss (NOL).  You may use the IRS worksheet available at the IRS website to compute your NOL.

 

The NOL is figured using your income less the standard or itemized deduction on your return.  Any remaining amount should carry over into next year.

 

The software should carry your NOL forward but if it is not you can track it yourself and enter it on next year's return.  

 

Enter 'NOL' in the search magnifying glass in the upper right hand corner of the screen.  Select 'jump to nol'.

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