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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.
‎January 24, 2025
1:12 PM