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Not applicable
posted Apr 7, 2020 4:46:49 PM

How can I do a NOL (from my small business) carryover when Sch-D doesn't allow it because I made a small profit doing stock trade?

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3 Replies
Expert Alumni
Apr 7, 2020 7:05:18 PM

The Net Operating Loss is different from the Capital Loss Capital Carryover which is on Schedule D. The Newt Operating Loss for individuals applies to your overall income, if you only had a Schedule C business loss, it is netted against your other income.  

Not applicable
Apr 7, 2020 7:20:19 PM

Thanks.

 

Where shall I report Net Operating loss? in turbotax?

Expert Alumni
Apr 7, 2020 7:32:23 PM

If the loss is this year, the Net Operating Loss will be calculated by TurboTax and will usually be a negative AGI for the year- but there will also be a Worksheet that will show the calculation.  If you use TurboTax next year, it will automatically transfer it to the 2020 tax return.

 

If you have a Carryover from another year to add, look under Other Tax Situations.

 

@Anonymous