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Level 2
April 4, 2023
Question

NOL

  • April 4, 2023
  • 1 reply
  • 16 views

Hi

I have turbo tax deluxe online and this year is the first time that I have a loss for my business! I would like to carry forward in 2023.

Do I need to do any calculations for the NOL for this year or is automatic?

    1 reply

    Mike9241
    Level 15
    Level 15
    April 4, 2023

    no calculations ar needed for 2022 since carryforward is now the only option. however, in 2023 you should use schedule A of form 1045 to calculate the NOL c/f. Turbotax does not do it.  

    Mike9241
    monica38Author
    Level 2
    April 4, 2023

    Hi

    thank you so much for your response but in 2022 I don't have form 1045 I only have 1040 .

    How do I calculate the NOL in 2023?