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Business & farm
Maybe. When the 2018 tax return was filed, the NOL that was created would carry over to 2019. However, last month Congress has retroactively changed the laws, so now the default rule is that the NOL is carried back to 2013 UNLESS you file an election to "waive the carryback".
TurboTax does NOT calculate the amount of the NOL and is not NOL-friendly in several other ways. Because of this and the new retroactive law changes, you may want to have a tax professional do it again this year.
May 10, 2020
5:03 PM