I have never had a loss on my business' 10 year history and thus never had an NOL situation until 2019. To be clear, my 2019 Sch C has a $32,000 loss and my 2019 1040 has a $29,000 loss. TT alerted me that I may be able to carryover my NOL to 2020. Is this automatic as long as I use TT again next year in 2020? I have searched high and low for a page or form where I can elect to have the carryover to 2020 or at least the confirmation that it will transfer. Most of your NOL search topics guide me to the IRS Pub 536 where the steps and language are very complex. Will this NOL automatically carryover to my 2020 return or do I need to manually compute this and manually enter. Please advise. Thank You.
