- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Net Operating Loss (NOL)
In 2018, we had a business loss of $8310 on our personal 1040. Schedule 1, line 22 was -$7343. AGI was $8729 so taxable was $0 after $24,000 std deduction. All was done with TurboTax in 2018 and now in 2019. While reviewing Indiana state tax, I see references to potential Net Operating Loss Add-Back. Any NOL deduction on federal Schedule 1 must be added back for state. I don't have a federal Schedule 1 for 2019 and I don't understand terms like "carry the losses forward", etc.
Would TurboTax have done any of this that applies to us, and if I don't see such things, then it doesn't apply to our situation?
‎April 17, 2020
1:25 PM