In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

[Jaime1]

do you know how to carry forward the it in 2016 in TurboTax?

[Anonymous_ · Accepted solution]

"Can I still carryforward loss in future years?"

Yes. Since you waived the carryback period, you can carryover your net operating loss to each of the 20 taxable years following the taxable year of the loss. See I.R.C. §172(b)(1)(a)(ii)

[Jaime1]

I waived the carryback in 2015  (Elected under section 172 b 3), how should I carryforward in 2016 in Turbotax?

[Jaime1]

Sorry, I am very new to this pleac, do not know where to ask questions yet.

[Anonymous_]

" how should I carryforward in 2016 in Turbotax?"

Following the steps in the screenshot below (click to enlarge) should bring you to the proper screen for entry of an NOL.

[Jaime1]

Tagteam, It is very help ful. thank you so much for your response. Can I ask you a follow-up question: it seems that TurboTax do not calculate the allowable amount, any way to find out the allowable NOL, or I can just enter the amount listed on 2015 Form line 37, "Subtract line 36 from line 22. This is your adjusted gross income". Thanks

[Jaime1]

Tagteam, thank you very much. Someone from Turbotax helped me on how to find the amount. So I am good now. Thanks again

[Anonymous_]

You are most welcome.