Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
If you mean carry over to next year, you'll do that next year. If you continually use TurboTax, the Net Operating Loss should carry-over automatically.
If you mean carry onto your 2020 tax Year return, below is a link that shows a couple options.
“For tax years beginning January 1, 2018, or later, the TCJA has removed the two-year carryback provision, except for certain farming losses, but now allows for an indefinite carryforward period. However, the carryforwards are also now limited to 80% of each subsequent year's net income. If a business creates NOLs in more than one year, they are to be drawn down completely in the order that they were incurred before drawing down another NOL. Losses originating in tax years beginning before January 1, 2018, are still subject to the former tax rules. Any remaining losses will still expire after 20 years.”
**Mark the post that answers your question by clicking on "Mark as Best Answer"
First, double check that you have a NOL. A business loss does not necessarily mean an NOL. A NOL happens when the TOTAL net income on your ENTIRE tax return is negative.
Second, the information that was given to you is wrong is so many ways. TurboTax does not calculate a NOL, so you need to manually calculate it. And the 'default' for an NOL is to carry it back 5 years. If you do not want to carry it back, you need to "waive the carryback" in order to carry it to 2021. If your income nearing NOL status, the program should ask you about that.
If do have a NOL and you decide to "waive the carryback", you will need to MANUALLY calculate it and MANUALLY enter it in the 2021 program. Or go to a tax professional.
Still have questions?Make a post