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wdc1701
Level 1

NOL Carryback

For 2020, I have a net business loss (Same as NOL?). My Federal Carryover Worksheet shows a "Qualified business loss carryforward" of $175k (line 29). Is that the NOL carryforward and if so, why doesn't it then feed into a form 1045? Does the form 1045 have to be prepared manually? 

1 Best answer

Accepted Solutions
Critter-3
Level 15

NOL Carryback

Here is  information on NOLs that may be helpful to you: IRS Pub 536 Net Operating Loss

 

No edition of TurboTax includes Form 1045. You can download the form and its instructions from the following links on the IRS web site. You have to do the calculations and fill out the form yourself. The form includes Schedules A and B. Form 1045 is not part of your tax return. It is filed separately.

Form 1045: http://www.irs.gov/pub/irs-pdf/f1045.pdf

Instructions: http://www.irs.gov/pub/irs-pdf/i1045.pdf

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5 Replies
tagteam
Level 15

NOL Carryback


@wdc1701 wrote:

....why doesn't it then feed into a form 1045? Does the form 1045 have to be prepared manually? 


Yes, it does have to be completed manually. TurboTax does not support Form 1045.

 

See https://digitalasset.intuit.com/DOCUMENT/A6QrdFCgW/010421-2020-unsupported-calcs-L1FQfTTgn.pdf

Critter-3
Level 15

NOL Carryback

For 2020, I have a net business loss (Same as NOL?).   NO ... not the same.

 

 

My Federal Carryover Worksheet shows a "Qualified business loss carryforward" of $175k (line 29). Is that the NOL carryforward   NO ... an NOL is not the same as a QBI loss carryforward. 

 

 

Critter-3
Level 15

NOL Carryback

Here is  information on NOLs that may be helpful to you: IRS Pub 536 Net Operating Loss

 

No edition of TurboTax includes Form 1045. You can download the form and its instructions from the following links on the IRS web site. You have to do the calculations and fill out the form yourself. The form includes Schedules A and B. Form 1045 is not part of your tax return. It is filed separately.

Form 1045: http://www.irs.gov/pub/irs-pdf/f1045.pdf

Instructions: http://www.irs.gov/pub/irs-pdf/i1045.pdf

Mike9241
Level 15

NOL Carryback

even a net business loss is not the same as an NOL. simplified an NOL is the excess of business income over business deductions reduced by the excess, if any,  of nonbusiness income over nonbusiness deductions.  passive loss and other limitations can affect the amounts used for these items. see PUB 536 and its worksheet.

https://www.irs.gov/pub/irs-pdf/p536.pdf 

or Form 1045 Schedule A

https://www.irs.gov/pub/irs-pdf/f1045.pdf 

 

example loss from rental real estate subject to PAL limit $100,000 (before PAL limit). nonbusiness income $20,000. standard deduction $12,400.  PAL limit $25,000. excess of nonbusiness income over nonbusiness deductions (standard deduction) =$20,000 - $12,400 = $7,600.  NOL $25,000 - $7.600 = $17,400. the other $75K  loss from rental real estate is  acrryover to the following year. 

 

wdc1701
Level 1

NOL Carryback

Received several replies. All very helpful. Thank you. 

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