Form 1041 TRUST 2018 negative taxable income NOT a farmer?

[TenOC]

Form 1041 trust 2018 negative taxable income  for a TRUST

In 2018 taxable income (line 22 on form 1041) had a negative value for taxable income. I do not wish to carry back this negative income to prior years so form 1045 is not appropriate - I am not a farmer.  How do I carry FORWARD this negative taxable income on to my 2019 TRUST form 1041.

[tagteam]

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@TenOC wrote:

How do I carry FORWARD this negative taxable income on to my 2019 TRUST form 1041.

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TurboTax does not support the calculation of an NOL so you will have to do that manually.

https://www.irs.gov/instructions/i1045#idm140680692270144

You can enter an NOL carryover in Forms Mode directly on Form 1041 (Line 15b).

[TenOC]

Individuals, estates, and trusts use Form 1045 to apply for a quick tax refund resulting from:

The carryback of an NOL in certain situations,
The carryback of an unused general business credit,
The carryback of a net section 1256 contracts loss, or
An overpayment of tax due to a claim of right adjustment under section 1341(b)(1).

I do not want to CARRY BACK I want to carry forward.

[tagteam]

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@TenOC wrote:

I do not want to CARRY BACK I want to carry forward.

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I understand and that is why the link should go directly to how an NOL is calculated, which you need to do manually before entering the figure into TurboTax Business as I described.

Note that you cannot carry back an NOL that arose in 2018, regardless.

[LLC4TAX]

Thanks for the advice. I finally was able to enter the NOL in the Forms and have it calculate taxable income correctly. I thought in previous years, Turbo Tax did the calculation when it automatically transferred data from the previous year's return.