Business & farm

in the case losses from schedule C, NOL carryforwards are computed at the individual level not the business.   for example, if you had $30K of wages and $30K of schedule C losses, there would be no NOL to carryforward.

 

put simply an NOL carryforward would exist when there is an excess of business losses over business income reduced by the excess, if any, of nonbusiness income over nonbusiness losses and deductions. 

 

Turbotax does not compute NOL c/f  use PUB 536 worksheet 1 or form 1045 schedule A to figure your NOL. 

 

also, if an NOL exists it is not reported on schedule C rather it is shown on schedule 1 line 8a (2023)