I have NOL for 2015 and have elected carryforward. Do I need to file 1045 since I carryforward only ? Do I show NOL on other income of 2016 1040 and show computation.

[TaxGuyBill]

Yes, that sounds accurate on all accounts.

[kaymanalo]

Is student loan interest deduction considered to be a nonbusiness deduction? The loan was for my education for my field of work. Thanks!

[kaymanalo]

How would I calculate my taxable income separate from my spouse, so I know how much of my NOL I can apply? Is the amount of NOL I can apply directly equal to my taxable income amount?

[leigh5]

I think I have a similar question.  I am trying to get caught up on taxes.  I had to wait 7 months to get the info from IRS, but I have it now. 

I am filing for years 2016-2019.  For 2016, I have a net operating loss, In 2017, I also had a smaller net operating loss. My understanding is that I can carry it forward, but I am seeing different info here.

1. Can I file my 2016 federal return and carry forward my NOL to 2017 and subsequent years?  

2. Do I even need to file for years when my only income resulted in NOL's?  I know it will be that for at least 2016 and 2017.  ( and possibly 2018). Thankfully, 2019 was great for profit.

[Critter-3]

You need professional help since you are dealing with a closed tax year ...  since you did not make the election to waive the carryback timely you MUST carry it back first and if there is anything left over then and only then can the remainder be carried forward to 2017.  Same with 2017's NOL since it was not made timely. 

Waiving the Carryback Period   https://www.irs.gov/pub/irs-prior/p536--2016.pdf

You can choose not to carry back your NOL. If you make this choice, then you can use your
NOL only in the 20-year carryforward period. (This choice means you also choose not to
carry back any alternative tax NOL.) To make this choice, attach a statement to
your original return filed by the due date (including extensions) for the NOL year. This statement must show that you are choosing to waive the carryback period under section 172(b)(3).