My NOL carryforward from 2018 to 2019 is showing up 2 times in TT Home & Business under 2018 NOL as well as At Risk Carryforward loss in K1. Which one should be removed?

[Anonymous_]

Can you describe what you are seeing in more detail (as well as where on your return the figures are appearing)?

Did you enter the NOL manually into the TurboTax program?

TurboTax does not support the calculation of an NOL nor does it support the transfer of an NOL from one tax year to the next tax year.

[asanyal]

1st Entry : 2018 NOL Carry over manually input in Business tab of TT from 2018 Federal Carryforwad Worksheet.  This figure shows up in 2019 Federal Carryover worksheet in TT Forms.  This 2019 Federal Carryover worksheet in TT also show the NOL amount to be carried forward to 2020.

2nd Entry : Schedule K-1 under S Corp Business Investment.  The box for At Risk losses carrying over from 2018 is checked.  The form shows Schedule K-1 At-Risk Limitation Allocation Worksheet.  The same loss amount is showing up in the column Carryover Prior Year Loss (Details Form 6198 Line Number A1 Ordinary Income or Loss.

Hence, the 2018 Carryover NOL is appearing 2 times, and being double counted in my total 2019 Income/Loss.

[Anonymous_]

I cannot seem to reproduce the results you are seeing, but that may be the result of incomplete information (and figures). 

Note that there are two separate worksheets; one for regular tax purposes and one for AMT purposes.

[asanyal]

No, this is not AMT.  Also, TT is not allowing me to remove the Section K-1 carryover loss which seems to be redundant.

Would it be possible to talk on the phone?  My number is [phone number removed].  Thank you.

[Anonymous_ · Accepted solution]

Yes, but you will have to contact Support on Monday.

See https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632