Here are the items that TurboTax will transfer from PDFs. Net Operating Loss is a personal (individual) tax situation or calculation that TurboTax doesn't handle. However, you can enter the amounts of your net operating loss carryover directly into TurboTax. Search for net operating loss and use the Jump to net operating loss link to be taken to that screen. You will be able to enter the 2022 net operating loss carryover amounts to apply to your 2023 tax return. The amount will go to Schedule 1, Line 8.
The Program will determine your current year Net Operating Loss (NOL) and this amount will flow automatically to the Federal Carryover Worksheet. HOWEVER, THE PROGRAM DOES NOT SUPPORT THE CALCULATION OF NOL CARRYOVERS. THIS INCLUDES THE 80% LIMITATION PURSUANT TO THE TAX CUTS AND JOBS ACT.
Depending on how the state(s) in which you reside conforms to the different provisions of the federal NOL rules, you may need to calculate a separate state NOL, or adjust your state income for differences in NOL rules. States may apply limits to the NOL amount that can be deducted and may not allow the same NOL carryback opportunities. Look for more information on NOLs when preparing your state return.
If you believe you had a net operating loss on your tax return in the past, or even this year, but are unsure what to do with it, get IRS Form 1045 and Publication 536.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
