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Business & farm
First, you should review the following IRS web site and thoroughly read Rev. Proc. 2020-24 (which is linked to on the web site).
Note that TurboTax does not support Form 1045 nor does the program calculate an NOL (i.e. the NOL must be calculated manually). Further note that the carryback requires an NOL, not merely a Schedule C net loss.
‎September 12, 2020
9:33 AM
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