force nothing. enter the social security benefits from the SSA-1099 and any other items of income or deduction except the previous year's NOL so Turbotax can correctly compute MODIFIED TAXABLE INCOME (MTI). Turbotax does not compute the NOL c/f from 2023, the amount used in 2024, or the remaining carryover, if any. No version has Form 172 which is the new IRS form to compute NOLs
https://www.irs.gov/pub/irs-pdf/f172.pdf
MODIFIED TAXABLE INCOME is taxable income figured with the following changes:
1) No deduction for the NOL or capital losses in excess of capital gains
2) No small stock gain exclusion IRC Section 1202
3) Items affected by AGI are recomputed based on AGI after making the change above.
now look at line 15 of 1040 this is MTI. Your NOL is limited to 80% of this. You have to do the computation
Enter the smaller of this number or your NOL on schedule 1 line 8. The only method I saw to enter this was through the carryover worksheet. In interview mode for Desktop Deluxe, there was never a question about NOL c/f. (this has been true of TT for decades)
Turbotax will asks for an explanation of the NOL
you can probably enter something like this
a) modified taxable income $$$$$ at 80% = $$$$$$
b) NOL from 2023 $$$$$$$$
c) NOL carryforward to 2025 Line b less line a) $$$$$$$$$$$$$$$$$
this is to allow e-filing. whether the IRS wants more to support the NOL like Form 1045 schedule A for 2023 and Form 172 to figure NOL carryforward to 2025
If you did not use all your NOL I would manually complete form 172
so you have the carryforward for 2025
keep records for the 2023 return like a PDF (also a copy stored offline) Turbotax deletes returns after 7 years and much earlier it no longer supports opening a .tax 20XX return. For example, right now you can't open a 2020 Turbotax return.
