MarilynG1
Expert Alumni

Deductions & credits

If your Business has a negative income, that amount lowers your AGI for that year.

 

 If you weren't allowed to claim your all of your Business Loss last year, the NOL carryover shows on the Federal Carryover Worksheet. 

 

Look at Schedule 1, Line 3 for Business Income/Loss (Line 12 for 2018). This carries over to Form 1040, Line 7a. 

 

You weren't allowed the Home Office Deduction (because you had a negative business income) so that is also being carried over.  

 

Look at Form 8829, Business Use of the Home, Line 25 for last year's unallowed deduction for Home Office.

 

 

 

 

 

 

 

 

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