You are going to need the form and the instructions to calculate your NOL. You can enter a NOL in TurboTax, but TurboTax does not support the calculation of your NOL.
If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL).
Publication 536 covers NOLs for individuals, estates and trusts:
- How to figure an NOL.
- When to use an NOL.
- How to claim an NOL deduction.
- How to figure an NOL carryover.
IRS Publication 536 provides worksheets and examples for you to follow, step by step. It also explains adjustments that you may need to make to your net operating loss as you carry it from year to year.
A note about states:
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.
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