My question is a multi-level question. My husband owned and operated a trucking business for a number of years - each year we showed a NOL. He exited the trucking business a year ago so 2023 was his first W-2 year in quite some time. I am not familiar with how to show the NOL from prior years on the tax return using TurboTax. It is also my understanding from reading the tax code that we can only use 80% of our W-2 earnings as an offset to the NOL carryforward that he has. Does TT do this automatically for you? I just want to make sure that we are accounting for the NOL correctly and getting the full benefit of earning no money during those years he had the trucking business.
Thank you, in advance, for your help!
