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Level 2
posted Apr 16, 2025 6:09:24 PM

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?

0 2 1139
1 Best answer
Level 15
Apr 16, 2025 10:00:36 PM

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

2 Replies
Level 15
Apr 16, 2025 10:00:36 PM

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

Level 2
Apr 17, 2025 12:06:06 AM

Thank you for your recommendation.  It's really difficult to read the instructions on Form 172 and try to complete the form 172.  I thought you could just simply fill out the information on Form 1040X but guess not possible.

Appreciate your help.