How do I enter the NOL on my 2020 return? I have a NOL from 2019 that can be carried forward to 2020 (IRS revision for 2020).

[ColeenD3]

Please see this answer from BillM223.

• Do a Search (upper right) and enter "net operating loss" (without the double quotes)
• Click on the "jump to" result
• Enter your NOL on the screen that appears.

Note, if you did your taxes last year with TurboTax and generated an NOL carryover, then in many cases, TurboTax will carryover the NOL automatically to the next year. Check for this in case it appears that your NOL carryover is being double-entered in your 2020 tax return.

[Mike9241]

did you make an election on the 2019 return to carry forward the NOL? otherwise, you are required to carry it back.  if it's proper to report on 2020 return the NOL gets entered on the carryforward worksheet and that carries to line 7 of the other income worksheet where you enter an examination of the nol. finally that line on the worksheet carries to line 8 of schedule 1

[bern256]

Under tax revision of Mar 2020, you can elect to carry forward the leftover NOL form 2019 even though the carryforward election was not done on the 2019 return.  You can input the NOL carry forward, but you still need to attach the election to the 2020 return for 2019.   I can not find anywhere in TT where they can handle the  election in the 2020 return.  I spoke with a TT rep and they indicated that TT could not handle this situation.

[JamesG1 · Accepted solution]

Revenue Procedure 2020-24 may be what you are addressing.

The additional statements that are required cannot be added to TurboTax for e-filing.  You will need to mail them with the tax return.

[bern256]

Thank you so much for confirming that the election is not available in TT for e-filing, and that it has to be mailed. in.

[mikeasmel]

I am in 2020 Premier and typed in Net Operating Loss and also NOL and I cannot find a link to the Jump to NOL for me to enter the value.  Can you be more specific as to where to find it please? 

[JotikaT2]

Can you clarify what the net operating loss is from?

If it is from a self-employed business, you would need to use the TurboTax Home & Business software to enter your net operating losses.

1. Select the Business tab
2. Scroll down to the section titled Less Common Business Situations
3. Select Start to the right of the section titled Net Operating Loss/QBI Carryforward Loss
4. Proceed to enter the applicable information.

If it is related to something else, please comment so we can assist you.

@mikeasmel

[mikeasmel]

@JokitaT2  It is from a loss from a partnership investment from a number of years ago.  I just want to type in a value but don't know how to find the field to enter it in the TT Premier.