I am using TurboTax Basic to file my 2019 taxes and will produce a NOL for the first time (from my small business). How do I report it now so I can apply it on my 2020 taxes? Or do I even need to do anything this year?
IRS Publication 536 is confusing. It claims "you must file Form 1045 on or after the date you file your tax return for the NOL year, but not later than 1 year after the end of the NOL year." But Form 1045 appears to be for claiming a refund. I just want to be able to carry forward my NOL to 2020. Do I need to submit Form 1045? Do I just leave it blank with Schedule A filled out to show how I calculated the NOL this year? Do I need to mark Form 1040 Line 7a ("Other income...") with "NOL" this year?
