Business & farm

I just want to clarify that there is a big difference between a business loss and an NOL.

 

In most cases, a business loss is allowed to be used and will offset other income on the tax return.

 

A NOL means the entire tax return has a cumulative net loss.  As was mentioned, TurboTax does not handle that.  You would MANUALLY calculate the NOL and MANUALLY enter it into next year's tax return.