Form 1041 TRUST 2018 negative taxable income NOT a...
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Level 2

Form 1041 TRUST 2018 negative taxable income NOT a farmer?

Form 1041 trust 2018 negative taxable income  for a TRUST

 

In 2018 taxable income (line 22 on form 1041) had a negative value for taxable income. I do not wish to carry back this negative income to prior years so form 1045 is not appropriate - I am not a farmer.  How do I carry FORWARD this negative taxable income on to my 2019 TRUST form 1041.

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Level 15

Form 1041 TRUST 2018 negative taxable income NOT a farmer?


@TenOC wrote:

How do I carry FORWARD this negative taxable income on to my 2019 TRUST form 1041.


TurboTax does not support the calculation of an NOL so you will have to do that manually.

 

https://www.irs.gov/instructions/i1045#idm140680692270144

 

You can enter an NOL carryover in Forms Mode directly on Form 1041 (Line 15b).

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Level 2

Form 1041 TRUST 2018 negative taxable income NOT a farmer?

Individuals, estates, and trusts use Form 1045 to apply for a quick tax refund resulting from:

The carryback of an NOL in certain situations,
The carryback of an unused general business credit,
The carryback of a net section 1256 contracts loss, or
An overpayment of tax due to a claim of right adjustment under section 1341(b)(1).

 

I do not want to CARRY BACK I want to carry forward.

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Level 15

Form 1041 TRUST 2018 negative taxable income NOT a farmer?


@TenOC wrote:

I do not want to CARRY BACK I want to carry forward.


I understand and that is why the link should go directly to how an NOL is calculated, which you need to do manually before entering the figure into TurboTax Business as I described.

 

Note that you cannot carry back an NOL that arose in 2018, regardless.

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New Member

Form 1041 TRUST 2018 negative taxable income NOT a farmer?

Thanks for the advice. I finally was able to enter the NOL in the Forms and have it calculate taxable income correctly. I thought in previous years, Turbo Tax did the calculation when it automatically transferred data from the previous year's return. 

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