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scott-leckie
New Member

How do I put my NOL carryforward in the 2019 version?

 
6 Replies
BillM223
Expert Alumni

How do I put my NOL carryforward in the 2019 version?

  • Do a Search (upper right) and enter "net operating loss" (without the double quotes)
  • Click on the "jump to" result
  • Enter your NOL on the screen that appears.

 

Note, if you did your taxes last year with TurboTax and generated an NOL carryover, then in many cases, TurboTax will carryover the NOL automatically to the next year. Check for this in case it appears that your NOL carryover is being double-entered in your 2019 tax return.

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tagteam
Level 15

How do I put my NOL carryforward in the 2019 version?

If for some reason you cannot locate the NOL entry screen using a search, take a look at the screenshot below. Also, although it is a good idea to check all transfers from previous years, I have yet to see a test return I have prepared transfer an NOL into the following year's return; you need to calculate and enter the NOL manually.

 

nol.png

hempzilla
New Member

How do I put my NOL carryforward in the 2019 version?

im having trouble determining what my carryover to 2020 will be  yes i have 536

 

DianeW777
Expert Alumni

How do I put my NOL carryforward in the 2019 version?

In your 2019 tax return there will be a worksheet showing your NOL carryforward. If you are unable to locate that you can use the worksheets.

They can be found in IRS Publication 536.  

 

Once you determine the correct amount, you can include the carryover in your 2020 tax return by following the steps above, placed here for your convenience.

  1. Do a Search (upper right) > Type net operating loss > Press enter 
  2. Click on the Jump to result
  3. Enter your NOL carryforward on the screen that appears

murp736
Returning Member

How do I put my NOL carryforward in the 2019 version?

Under what circumstances would a loss carryover be reported under Business Income and Expenses section under Special Situations instead of under Less Common Business Situations.

Thanks

MarilynG1
Expert Alumni

How do I put my NOL carryforward in the 2019 version?

@murp736 There are certain situations reported under 'Special Situations' (screenshot).

 

If TurboTax filled in an amount for you there, it may have come from a K-1 entry.  If you are using the desktop product, you can drill down from the entry in the 'Carryovers to 2020 Smart Worksheet' section of Schedule C for the data source. 

 

Otherwise, you are correct that a NOL would would show under 'Less Common Business Situations'.

 

Click this link for detailed info about NOL Carryovers. 

 

 

 

 

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