pher
Level 3

Why is TurboTax saying my net operating loss (NOL) deduction allowed this tax year is zero?

I had a net operating loss (NOL) in 2022. I also had a net operating loss for the current tax year filing, 2023, as well as a small income. So, I want to deduct the NOL from 2022 against that small income from 2023.

 

In the Federal Taxes Deductions section, when TurboTax asked me if I had any NOL carryovers from prior years, I said yes (but it did not ask me the amount). When it asked if I had a Back 2 / Forward 20 carryover, I said no (because I only had a regular carryforward carryover). I also said no when it asked if I had a Back 3 or 5/Forward 15 carryover. But as soon as I said no to both of those, it immediately says, "Your net operating loss deduction allowed this tax year is zero."

 

I don't understand if I've done something wrong. TurboTax never even asked me what my regular NOL carryover amount was. Where I am supposed to input the carryover?