ErnieS0
Expert Alumni

Get your taxes done using TurboTax

TurboTax does not calculate a net operating loss. You will have to do that yourself. 

 

As Tax Champ @Mike9241, if you did not file a Section 172(b)(3) Election to Forego Carryback, you will have to amend your prior year returns first before claiming any net operating loss on your 2021 return.

 

The CARES Act provided for a special 5-year carryback for taxable years beginning in 2018, 2019 and 2020. 

 

Refer to IRS Publication 536 on how to compute your net loss.

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