My ex-wife and I are sharing a NOL carryforward from a previous business loss. Turbo tax is not recognizing the reduction of the carryforward balance for my ex-wife's NOL. For example the balance is only getting reduced by my NOL of 3,000 and not the 3,000 my ex-wife used. So the beginning balance for the 2017 tax year is overstated. I assume the IRS has the correct balance but want to make sure. Thanks.
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The IRS would not be adjusting the NOL for two different returns, nor can the program adjust your NOL for amounts used on someone else's return. If you are each filing your own returns now, it would have been best for each of you to start over with a new account and only enter the carryover that would have been used in your own return. You will now have to enter the NOL loss amount you want to take. You could do this by checking on the Forms icon and going to your carryover worksheet to adjust the prior year amount.
The IRS would not be adjusting the NOL for two different returns, nor can the program adjust your NOL for amounts used on someone else's return. If you are each filing your own returns now, it would have been best for each of you to start over with a new account and only enter the carryover that would have been used in your own return. You will now have to enter the NOL loss amount you want to take. You could do this by checking on the Forms icon and going to your carryover worksheet to adjust the prior year amount.
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