Solved
NOL
If you have a NOL, doesn't turbotax create the form 172 to show carryforward to subsequent years?
Form 172 and instructions are very confusing and seem to contradict each other.
Is there a simple way to create this form?
Mike9241Answer
Level 15
April 17, 2025
No One of Turbotax's shortcomings is no NOL calculation.
except for a C-corp and possibly for state business income tax returns, a business does not have an NOL. rather the k-1 (partnership or S-corp) transfers the loss to an individual's return and it's at the individual level that an NOL is determined. You do not complete the form for the business. only for the individual taxpayer. As a matter of fact, looking at desktop deluxe, it does not provide for the form. if you must complete it, you have several options
omit it to e-file then paper file an amended return once accepted or
mail your return and attach the form. a manual form cannot be attached to the Turbotax e-file
Mike9241
