I had an S-corp business in 2024. It is gone in 2025, but there is carryover. How do I answer some of the relevant questions.?

[davidwmurto]

My taxes have been done by my accountant before now. I had a S-corp which was closed in 2024. I retired in 2025 so my taxes are simple but I do have carryover losses. How do I address this in turbo tax?

[PatriciaV]

Yes, you will need to enter the amount of Net Operating Loss Carryover from a prior year. How you enter this depends on the version of TurboTax you are using.

TurboTax Online

1. Go to the Net Operating Loss/QBI carryforward Loss screen under Income in the Federal section.
2. Select Yes to enter the carryover amounts.

TurboTax Desktop

1. Open your return.
2. Select Federal Taxes, then Wages & Income.
3. On the How do you want to enter your income? screen, select I'll choose what I work on.
4. Under Business Items, select Start next to Business Deductions and Credits.
5. Select Start next to Business Loss Carryovers (NOL, QBI).

[AmeliesUncle]

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@davidwmurto wrote:
 I do have carryover losses. 

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What type of carryover losses are they?  There are many kinds of carryover losses.  Many should have been fully dealt with on the 2024 return, but others may carry over to the 2025 return.  But we can't tell you what to do unless you indicate what kind of losses are being carried over.