Schedule C loss carryovers from 2018
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New Member

Schedule C loss carryovers from 2018

in 2018 i had sole proprietorship that does consulting that lost ~$9,000 on schedule C.  My overall AGI is ~$100,000 and this year.  in 2019 the sole proprietorship had a gain of ~$2,000.

 

Can i carryforward some of 2018 losses into 2019 return.  If so would i enter the amount in turbotax in "other business situations" screen, 2018 at risk loss carryover.  And if allowed how much could i deduct?  up to 2019 income, and carry the rest into 2020?  Thanks, Paul

6 Replies
Level 15

Schedule C loss carryovers from 2018

That is called a NET OPERATING LOSS ... follow the interview screens in that section ...   NOL

Anonymous
Not applicable

Schedule C loss carryovers from 2018

if you did not include in your 2018 return an election to carryforwrd your 2018 NOL on your timely filed '18 return, you must first carryback the loss to 2016 and then carryforward any remaining loss to 2017.  after that any remaining loss gets carried forward to 2019.  any net loss on schedule C and any other ordinary losses elsewhere on the return (except net capital losses) become part of an NOL calculation. an NOL is not reported on Schedule C, it is reported on schedule 1 line 8  for 2019

 

 

there is a form 1045 schedule A which can be used to calculate your NOL on page 3

https://www.irs.gov/pub/irs-pdf/f1045.pdf

New Member

Schedule C loss carryovers from 2018

TCJA did away with carrybacks.

Employee Tax Expert

Schedule C loss carryovers from 2018

You can if your losses exceed your income.  A net operating loss (NOL) is the amount by which a taxpayer's business losses exceed its income. The NOL deduction cannot exceed 80% of taxable income (determined without any NOL deduction) for losses arising in tax years beginning after 2017. There is no longer a carryback option.

 

Please see this IRS link:  Net Operating Loss

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New Member

Schedule C loss carryovers from 2018

The CARES Act temporarily eliminated the 80% limitation. It will be reinstated in 2021.

Returning Member

Schedule C loss carryovers from 2018

You don't have a net operating loss in 2018.  

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