Where do I put a NOL carryback amount?

[kingsdaughter1244]

Completing Form 1120S for 2013 to calculate for a NOL carryback. Need to know where to put that NOL amount.

[TaxGuyBill]

A NOL would mean that your personal tax return (Form 1040) has total negative income.  Is that what you are talking about for your 2013 Form 1040?  

[sm17091]

TurboTax does carry your NOL forward.  You can see this in the Desktop products in the “Federal Carryover Worksheet” on Line 14.  This same worksheet is available in the On-Line products.

Form 1040, Line 21 is input by the taxpayer and can be either a positive or negative number.  The menu path for this input, in the Home and Business Desktop product is as follows:  Personal>Personal Income>I’ll choose what I work on>Less Common Income>Miscellaneous Income>Start>Other Reportable Income>Start>Any Other Taxable Income?>[Yes]>Other Taxable Income, Description, Amount.

[LukeG]

You can use the NOL carry back by submitting form 1045.  You do not also have to complete a form 1040X. File one or the other.

Individuals may use Form 1045 to claim a quick refund resulting from the carryback of an NOL.  Form 1045 must be filed on or after the date for filing a tax return for the NOL year (2016).  Form 1045 and the instructions can be downloaded from www.irs.gov. See https://www.irs.gov/publications/p536/ar02.html

If you do not file a Form 1045, you will submit a Form 1040X to process the NOL. If you file a 1040X instead of a Form 1045, you still must attach the NOL computations using the Form 1045 computation schedules. 

If you choose to file a Form 1040 X, the net operating loss carryback is reported on line 1 and the box for Net Operating Loss Carry Back should be checked.