The NOL is not part of the program that is done automatically and you may wish to seek professional assistance if you are not understanding the situation ... yours sounds pretty straight forward since you will waive the carryback and just go forward ....going forward you may wish to capitalize on the loss by selling some investments if you have some gains that you want to capitalize on ... again talking with a professional to optimize your use of the loss is a wise choice.
If your AGI is
negative, after you click "Done with Deductions" at the bottom
of the screen "Your 2016 Deductions & Credits," a couple of
screens later it will ask you if you have an NOL for 2016. If you
select Yes, the next screen will ask you whether or not you want to carry it
back. If you elect not to carry it back, it will include the necessary election
form in your return. I believe you will still be able to e-file.
You can also get to this
topic in the interview by entering "nol elections, current year" in
the Find box at the top right. When you type NOL, this will be one of the
choices in the drop-down list.
No edition of TurboTax
includes Form 1045. You can download the form and its instructions from the
following links on the IRS web site. You have to do the calculations
and fill out the form yourself. The form includes Schedules A and B. Form
1045 is not part of your tax return. It is filed separately.
Form 1045: http://www.irs.gov/pub/irs-pdf/f1045.pdf
Instructions: http://www.irs.gov/pub/irs-pdf/i1045.pdf
