TaxGuy Bill is correct in that an excess deduction here will create an NOL, and you will be asked what you would like to do with that. The NOL amount is carried over automatically but not automatically deducted the next year. You would have to calculate how much to actually apply in the next year. I was too focused on clarifying that you needed to enter the full amounts under the Casualty and Loss questions, not just what you could use this year. Thanks Bill
