Hi .. I have been in business with an LLC with employees for many years. Starting in 2014, 2015, and some of 2016 I experienced a net business operating advise please

[pepusgb]

my NOL in 2014 was $21K, in 2015 was $22K, on in 2016 was $ 6.5K.  I would like to offset my wage income from other earnings in 2016 and get a good refund of fed and state taxes what can I do with these NOL?  Also I think I made a mistake last year and ended up owing a small amount of federal and state tax incorrectly which I have had to make payments on its only $2700 including fed and state (MD).
What should I do?

[PatriciaV · Accepted solution]

If you used TurboTax last year and logged into the same account this year, any net operating loss available to carry forward should have been transferred to your current year .

If not, you need to enter the amount of Net Operating Loss Carryover from last year. (This is a cumulative amount for all prior years from Form 1040, Line 41.)

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "nol carryforward", hit Enter, and click on "jump to nol carryforward" to go directly to beginning of this topic.

Or go to My Account >> Tools >> Topic Search. Type in "nol carryforward", then click the topic in the list to go directly to the start of this section.

(If you are using the mobile app and don't have My Account or Tools on your screen, try logging into TurboTax from a laptop or desktop browser.)

Enter the NOL as a positive number (see screenshot below - click to enlarge). Be sure you enter the actual NOL from last year, after any adjustments made for possible errors on your return.

The only other effect of errors on a prior year return might be the AGI required to e-file. If you didn't file an amended return, you may need to obtain your AGI from the IRS, or mail your return this year. Post another question here in the forum if you need additional help.