Should I file NOL & what does that do for me if I select yes we have an NOL ?

[Coleen3]

It is a Net Operating Loss which means you had greater business associated losses than you had income. You have the choice to carry it back to a prior year or to carry it forward to future years. If you do not wish to carry it back, you must elect to forgo the carryback.

The NOL will count against other income to reduce it until it is used up.

What is a Net Operating Loss?

A net operating loss (NOL) results from the situation in which a business or individual has more allowable tax deductions than it has taxable income. In this case, the business has negative income, or a net operating loss. That's the bad news. But the good news is that you may be able to take that net operating loss and move it to a tax year in which you had a profit (actually, net operating income) either prior years or future years.

To have an NOL, your loss must generally be caused by deductions due to expenses from: 

• A business (but see restrictions on losses depending on types of business below)
• Your work as an employee

• Losses due to casualties or theft
• Moving expenses, or
• Rental property.  

From <https://www.thebalance.com/net-operating-loss-nol-398354>