Use the following steps to enter your NOL Carryover once you have calculated it:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “NOL” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to NOL”
- Click on the blue “Jump to NOL” link and enter your information
Net Operating Losses are among the limited list of calculations that are not supported by TurboTax.
If after completing your tax return you have a negative amount on Form 1040, line 15, and you had a loss from a business activity such as those reported on Schedules C, E, F, or resulting from dispositions on Form 4797, or sustained a casualty loss, you may have a Net Operating Loss (NOL). The program does not calculate the amount of NOL to be carried back or forward to another year. To determine your NOL, if any, refer to Form 1045, Schedule A (not included with this program). You will probably also benefit by reviewing IRS Publication 536 for details about the NOL calculation.
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