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?
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?
First be sure the loss is correct.
To post a Net Operating Loss go to:
@JohnB5677 wrote:First be sure the loss is correct.
To post a Net Operating Loss go to:
- Business
- Scroll down to final Details
- Select Special Situations
- I have a risk loss carryover from 2018
NO. A Net Operating Loss is completely different than an At-Risk limitation. And a Schedule C At-Risk limitation is extremely unusual.
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:
You will get this screen in your program.
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.