@kelvinchan wrote:
I have the same experience. TurboTax does not appear to calculate NOL; it allows for manual input. It also does not calculate the 80% of income limitation. Will TurboTax fix this and when?
Correct, TurboTax does not calculate NOLs. You need to manually do that, manually enter it, manually create and attach the computation to the tax return and mail it. Or go to a tax professional.
The recent changes in law eliminated the 80% limit for 2018, 2019 and 2020 tax returns. It also created a 5 year carryback for NOLs created in 2018, 2019 and 2020. So if the NOL was created in 2018, you would either need to carry it back to 2013, or file an election to "waive the carryback" of the 2018 NOL.
Due to the severe limitations of TurboTax in connection with NOLs, I recommend a tax professional.
