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Business & farm
As was noted above, TurboTax does NOT calculate NOLs, so it definitely does not 'lay it out' for you. You need to manually calculate the NOL or go to a tax professional.
By default, the 2018 NOL would be carried back to 2013. If you want to "waive the carryback" to carry it to 2019, you need to file the election to do so.
In answer to your question, YES, a NOL that is being carried forward or carry back will offset any income on your tax return, even non-business income.
‎February 24, 2021
8:42 AM
9,744 Views