☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Apr 30, 2024 12:34:03 PM

TTO has not fixed the problem with Schedule K-1 for entering NOL

I am at wit ends with this !  I have a Schedule K-1 that I have to include on my taxes for this year only(2023). Line 11 E is a NOL. The Schedule K-1 on TTO only allows for a positive amount to be entered. I had to file an extension because I could not figure it out.  All I read is to manually enter it on Schedule 1 - I cannot even access that on TTO.   I don't want to have to say forget it and go to an accountant as I have been with TTO for many years. Please help..  I need to file my taxes asap. 

0 5 15703
5 Replies
Level 15
Apr 30, 2024 1:52:09 PM

Enter it as a positive number as it should appear as a negative number on your Schedule 1 and 1040.

Returning Member
May 1, 2024 5:11:29 PM

Thank you for your reply but If I enter as a positive number - it will not show up as a negative on Schedule 1.  How do I know that? Once I entered the negative amount - it showed as a positive and my taxes were recalculated showing an additional $4000. owed..  so,,,,  it doesn't show up as negative.   I am not the only person with this problem.  I can't file my taxes until I figure this out..  

Level 15
May 1, 2024 5:21:18 PM

@Melissa-cooks7  wrote:

Thank you for your reply but If I enter as a positive number - it will not show up as a negative on Schedule 1.

I understand that the online products may differ, but I did a test on a test return with TurboTax Home & Business and the positive figure I entered into the program was a negative number on Schedule 1 and the 1040.

 

I'm not sure what's happening in your case.

Employee Tax Expert
May 1, 2024 5:31:40 PM

I also did a test return of your situation and had the same findings as tagteam. 

 

I entered a NOL of 100,000 as a positive number.

 

The NOL was -100,000 on my Schedule 1, Line 8a. 

 

You can view your entire return or just your 1040 form before you e-file:

  1. Sign in to TurboTax.
  2. Open or continue your return.
  3. Select Tax Tools from the menu (if you don't see this, select the menu icon in the upper-left corner).
  4. With the Tax Tools menu open, you can then:
    • Preview your entire return: Select Print Center and then Print, save or preview this year's return (you may be asked to register or pay first).
    • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.

@melissa-cooks7  

Returning Member
May 5, 2024 12:13:28 PM

Lena H,  

Oh my gosh,, I went back and tried again to enter the amount as you pointed out in your reply and believe it or not - it worked!!!   I am so happy now !  Thank you so much, I can now continue with Turbo Tax and finish up and file my taxes..  Hooray !