Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 12, 2024 11:50:49 AM

NOL Carryover losses

Hello, I am self-employed. In 2020, I filed a joint tax return with my spouse utilizing TT. I am now filing 2021 taxes as married filing separately.  How do I enter the carryover losses for my business?

 

0 1 289
1 Replies
Expert Alumni
Feb 12, 2024 12:34:14 PM

If you use the same file and login as last year and just change it to 'married filing separately' then the system should carry the losses over for you.

 

If you are having to start a new file in order to file separately this year then you will have to manually enter any data that would have carried over from prior years including any assets or losses.  If you had passive losses you will enter them when entering your schedule E.  If you had a Net Operating Loss then you may have to split that with your spouse depending on your state's community property rules.  You can enter the NOL by typing NOL into the search bar and clicking 'jump to'.

 

@edSha