Where and how do I carry an NOL forward on a schedule F?

[graycardosa]

I'm trying to carry the NOL forward from 2014 to 2015. 

[TaxGuyBill]

To determine if you actually had a "NOL", was Line 41 of your Form 1040 a negative number?

You should also check if you made the election to "waive the carryback" under Section 172(b)(3).  It would be on a separate piece of paper with your 2014 tax return.  If you did NOT make that election, you can NOT carry it to 2015.  You must amend 2012 to use the NOL.

[bwa · Accepted solution]

I'm assuming that on your 2014 return you made a positive election to forgo the carryback period and only carry the loss forward.  I'm also assuming that you had an NOL (e.g., your loss wasn't offset by other positive income.)

If so, NOL's don't go on Schedule F (or Schedule C.)  Instead, an NOL from any source is reported on Page 1 of your Form 1040 on line 21 as a negative amount.

You can put it there manually in forms mode with the desktop version, or type "Net Operating Loss" in the find box to get to the correct area.  Turbotax does not automatically compute them.  You need to do the computation manually outside of Turbotax, and then enter it.

[KatDesign]

How do you do the computation manually? I tried reading the IRS publication for it and it was VERY confusing!