Where on the Turbo Tax form do I enter a business loss carryover?

[7ldy2bg]

The business is closed and this is my last $3000 that I can claim.  I have not used Turbo Tax before, so it won't automatically happen.  Where on the form does it go, and if it needs a Schedule C - where do I find that?

[AmeliesUncle]

Schedule C almost never has a loss carryover, so I suspect you are mixing something up.  In order to help you, can you explain EXACTLY how (and when) the loss occurred, and give as much detail as possible?

[JohnB5677]

First be sure the loss is correct.

To post a  Net Operating Loss go to:

1. Business
2. Scroll down to final Details
3. Select Special Situations
4. I have a risk loss carryover from 2018

[AmeliesUncle]

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@JohnB5677 wrote:

First be sure the loss is correct.

To post a  Net Operating Loss go to:

1. Business
2. Scroll down to final Details
3. Select Special Situations
4. I have a risk loss carryover from 2018

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NO.   A Net Operating Loss is completely different than an At-Risk limitation.  And a Schedule C At-Risk limitation is extremely unusual.

[ColeenD3]

You can tell the difference between an NOL and At-Risk limitation.

What is a Net Operating Loss?

A net operating loss (NOL) results from the situation in which a business or individual has more allowable tax deductions than it has taxable income. In this case, the business has negative income, or a net operating loss. That's the bad news. But the good news is that you may be able to take that net operating loss and move it to a tax year in which you had a profit (actually, net operating income) in future years.

To have an NOL, your loss must generally be caused by deductions due to expenses from: 

• A business (but see restrictions on losses depending on types of business below)
• Losses due to casualties or theft
• Moving expenses, or
• Rental property.  

You will get this screen in your program.

[7ldy2bg]

Hi, my bad.  The loss carryover is on schedule D.  I was able to pull that form up on the State, but when I tried on the Federal, I was advised I would have to upgrade as the Free Turbo was not capable of doing the Schedule D.  So now I'm wondering how I was able to do that on the State, but not the Federal.  The amount of loss is showing on my State tax form, so I know I got that one right.

Thanks for helping.