WARNING TurboTax Business users. Business TurboTax is not transferring all information from the previous years return

[Eric Mannon]

Just a heads up. We have been using TurboTax Business for years. We did our 2023 Fed. and State returns and the numbers just didn't look right. After reviewing, it turned out TurboTax did not transfer our Net Operating Losses from previous years. It entered NOLs as $0. Other long turn deductions transferred and the amortization tables populated but not the NOLs.

3 hours with tech support determined this is a flaw in the software but it probably isn't going to get fixed this late in the season.

Check your returns. If you are not familiar with taxes and tax forms, spring to have an accountant look over your return with your last years return as a guide. Our error was over $100,000 of net losses from the pandemic that were not going to be carried over to future years as deductions at the state level.

[AmeliesUncle]

As far as I know, TurboTax has never calculated or carried over Net Operating Losses.  It must all be done manually.

One of MANY reasons to have your returns prepared by a good tax professional rather than Do-It-Yourself software.

[Eric Mannon]

TurboTax has been doing it on my returns since 2017. Maybe they have discontinued this. It would have been nice to have a pop up window notifying us.