MarilynG1
Expert Alumni

Get your taxes done using TurboTax

Sounds like you should use the TurboTax Desktop product if you going to be dealing with NOL's.  You then have access to the actual tax forms, which you don't in TurboTax Online.

 

Although you can enter your NOL in TurboTax, it does not calculate it for you (neither Desktop nor Online). You need to use the IRS Worksheet each year for calculation.

 

Here's some info from the IRS Publication 536:

 

"When a net operating loss (NOL) is initially entered TurboTax will incorporate that into the current tax return once you have completed the NOL worksheet(s).  It will also know if any of the NOL was used on your tax return.  What TurboTax will not do is to calculate an NOL.

 

When the loss initially occurred, then the NOL worksheet was required to be prepared and depending on the year, you had an option to carryforward or were required to carry it back. 

 

The NOL must still be calculated and entered into TurboTax each year. Use the IRS publication to access the worksheets.

 

@Luis-reyes3010-g 

 

 

 

 

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