How can file for a net operating loss for tax year 2018 using turbo tax?

[mochagirl1]

How can I file for a net operating loss for tax year 2018 using turbo tax?

[LinaJ2018]

Are you asking if you can carry-forward loss from 2017 or  prepare the 2018 return to create the NOL?

[mochagirl1]

Carry forward 2017 loss. Thanks

[LinaJ2018]

Please see the answer below.

[LinaJ2018 · Accepted solution]

To enter your 2017 carry-forward losses, you have to manually enter the amount in the 2018 program. 

Here are the steps (online):

1. Sign back into your account, select Take me to my return
2. At the right upper corner, in the search box, type in nol 
3. Select Jump To nol 
4. On the screen, 2017 Net Operating Loss  enter the amount.

[mochagirl1]

Thank you very much!

[LinaJ2018]

You are very welcome!

[mochagirl1]

Hi, I apologize I posed my question incorrectly.  I meant how can I file for net operating loss (carry forward)  from tax year 2017. My online research says I have to file a paper return form 1045.  Please confirm    Thank you

[LinaJ2018]

If there is a carryback in 2017, you can use Form 1045.  The remaining will be carried forward onto the 2018 return.  See https://www.irs.gov/pub/irs-prior/i1045--2017.pdf and https://www.irs.gov/pub/irs-prior/f1045--2017.pdf
If the year 2017 was your loss year, you can carry back two years.  Instead of filing 1040X for 2015 and 2016, you can use 2017 Form1045 to recalculate the tax due to the loss for those two years.  If there is any carryforward left, you would use it on your 2018 taxes.  It is faster to process this way than an amendment 1040X.

Update: For most taxpayers, NOLs arising in tax years ending after 2017 can only be carried forward. The 2-year carryback rule in effect before 2018, generally, does not apply to NOLs arising in tax years ending after December 31, 2017. Exceptions apply to certain farming losses and NOLs of insurance companies other than a life insurance company. For details:  click here: https://www.irs.gov/newsroom/net-operating-losses

[Edited 3/9/2020 | 5:12PM]