I am trying to determine where I would find the Net Operating Loss (NOL) amount from my Tax Year 2020 taxes and if this amount should be added to this year's Tax Year 2021 (using Turbo Tax Home & biz) I'm confused about which NOL number to take from my 2020 tax year and place on the 2021 tax year screen in Turbo Tax.
Situation:
I'm on the screen with the title "2020 Net Operating Loss." it is asking if I had a "Net Operating Loss Carryover."
I looked at the Tax Year 2020 taxes on Form 8995 Line 2 and I see the amount for the "Total Qualified Business Income or Loss," which is a negative number. However, on Schedule 1 Line 9 it shows where the negative Business Income Loss is combined with the Taxable Refunds, Credits, or Offsets of State and Local income taxes which gives a lower NOL amount.
Question 1: Which negative amount is the actual NOL carryover amount that I need to enter on the 2021 Tax Year form? Is it the amount that is on Form 8995 Line 2 (which is the higher negative amount) or the amount on the Schedule 1 Line 9 (which is the lower negative amount?
Question 2: If there is an "AMT Net Operating Loss Carryover" where would I find that on my 2020 Tax Year return?
Thank you for your help!
and it is asking for the Net Operating Loss Carryover amount. I am looking at Tax Year form 2020 and see an amount of the NOL on Line 2 of Form 8995
