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laurent
Returning Member

How do you input a carryover NOL in turbotax?

This year I am doing my taxes with Turbotax, a CPA used to do it.

I am trying to input the carryover from 2017.

In the 2017 1040 form there is a section Return Carryover Summary which I believe contains what I need to input.

A few items are doubled so which one do I input and how do I input it in turbotax?

Here is what I see 

activity/form         description                                                                  carryover to 2018

D                             Long-term capital loss                                                 2

4797                       non-recaptured net section 1231 losses                18

4797                       non-recaptured net section 1231 losses AMT       18

NOL                        net operating loss                                                        27,529

NOL                        net operating loss AMT                                               23,493

 

the NOL comes from R&D cost that were accounted for in 2014, the product lost money and I dissolved my company in 2016

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1 Reply

How do you input a carryover NOL in turbotax?

First nothing is doubled ... there is AMT and reg tax entries both of which will be entered.  

 

Next ... if you upgrade to Premier the places to enter those items will be presented in the course of the interview ... if they are not you can use the search box to jump directly to those sections.   You may wish to upgrade to the LIVE version for the extra help for this year's return if you find the program confusing  or  call TT support for explicit instructions as needed.  

 

While inside the software and working on your return, type nol carryforward in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to nol carryforward.  Select that link.   Same for the other items.

 

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