Let me ask this in a different way. I get that I can carry over expenses. Goal is to figure out how to accomplish the task of carrying over expenses. Thanks all but just saying "carry over your NOL" or "you can carry forward each year until zero" doesn't answer the question.
Under TT H&B I am currently at:
Business > Business Income & Expenses > Less Common Business Situations > Net Operating Loss/QBI Carryforward Loss.
Here, it says 2020 Net Operating Loss (I had none from last year so none carries over). However I type in a number in this editable 2020 NOL carryover field, as an exercise, and the overall refund number does not change.
Question 1: If I am showing profit in 2021, and I type in a carryover NOL amount from 2020, shouldn't this immediately or sometime before filing 2021 taxes, decrease/offset taxable income and increase refund? Because when I input a number, nothing changed. This must be the place I "carry over my NOL" that people have been referring to.
Question: Next year, will TT auto-calculate & populate this field for me if I have current year NOL?
