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Level 2
posted Apr 26, 2024 12:19:40 PM

turbo tax business desktop net operating loss does not get updated

Hi 

Is it a bug in turbo tax business desktop? the works sheet at the end of shows some NOL number but once hit continue on the page, the main page still shows 0. Is it a bug in the business desktop? What did I miss?

 

thanks

1 3 13426
3 Replies
Level 2
Apr 26, 2024 1:02:06 PM

I fixed it by removing the negative sign. Its a loss so I thought I should put -12345 etc . The tool should've told the user NOT to put the negative number .

Level 15
Apr 26, 2024 11:32:10 PM

what type of business? S-corps and partnerships do not have NOLs (except possibly for state purposes where there's a separate income tax at the entity level). for them, NOLs only exist at the individual taxpayer level. 

Level 2
Apr 27, 2024 8:57:40 AM

C corp. turns out I just need to remove the '-' and leave a positive number there. Wish turbotax can provide more info to users.