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Level 2
posted Apr 17, 2020 1:25:05 PM

Net Operating Loss (NOL)

In 2018, we had a business loss of $8310 on our personal 1040.  Schedule 1, line 22 was -$7343.  AGI was $8729 so taxable was $0 after $24,000 std deduction.  All was done with TurboTax in 2018 and now in 2019.  While reviewing Indiana state tax, I see references to potential Net Operating Loss Add-Back.  Any NOL deduction on federal Schedule 1 must be added back for state.  I don't have a federal Schedule 1 for 2019 and I don't understand terms like "carry the losses forward", etc.

 

Would TurboTax have done any of this that applies to us, and if I don't see such things, then it doesn't apply to our situation?

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1 Replies
Level 2
Apr 17, 2020 1:42:32 PM

I'll reply a bit to my own question.  The NOL carryforward only applies to future BUSINESS income and taxes?  Our 2018 1040 was for personal income and my wife's LLC.  That business no longer existed in 2019.  So there's no NOL that can carryforward and reduce our personal non-business income tax?