A business loss is not the same as a net operating loss. A business loss can be used 100% against current year income. If it is greater than your non-business current year income, it can then create a net operating loss that is carried forward. So, it is possible that you don't have any income left this year after you deduct your current year business losses from your non-business income, in which case you wouldn't be able to use a prior year net operating loss.
I suggest you look on your tax return form 1040 and add lines 1 to 7 plus any non-business income listed on schedule 1 and deduct your business loss reported on line 3 of schedule 1 to see if that nets out to a positive amount. If not, you can't claim a deduction from a Net Operating Loss this year.
To view your form 1040 and schedule 1 to 3:
- Choose Tax Tools from your left menu bar in TurboTax Online
- Choose Tools
- Choose View Tax Summary
- See the Preview my 1040 option in the left menu bar and click on it
- Choose the Back option in the left menu bar when you are done
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