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Level 2
posted Apr 29, 2024 9:18:49 AM

turbo tax does not use up my c corporation nol (net operating loss) why?

Hi 

Say, my c corp has a total of $100,000 nol thruout the past 5 yrs, why turbotax only applied $41,000 this yr?

thanks

0 1 11485
1 Replies
Level 15
Apr 29, 2024 9:23:44 AM

You have to calculate the NOL manually, depending upon the circumstances.

 

Also note:

A corporation’s NOL is equal to the corporation’s deductions less gross income, modified as follows:

  • The NOL deduction is disallowed for an NOL carryback or carryover from another tax year.
  • The dividends-received deductions under IRC §243 and IRC §245 are computed without regard to the aggregate limitations that normally limit these deductions.
  • The deduction for foreign-derived intangible income is disallowed.