You could deduct business losses against personal income before the CARES act. Can you provide more details about what you are referencing? @johnson101219
@mikeasmel Are you trying to file 2 returns (one for you and one for your parents) or something else? You can file multiple returns with the desktop software and even the Basic version includes all forms. You won't get step by step instruction, but TurboTax does not calculate NOLs anyway. You can calculate the amount and manually enter it in any desktop version.
If you qualify to use IRS FreeFile - there is no fee to file those returns.
If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). Publication 536 covers NOLs for individuals, estates and trusts:
- How to figure an NOL.
- When to use an NOL.
- How to claim an NOL deduction.
- How to figure an NOL carryover.
Frequently asked questions about carrybacks of NOLs for taxpayers who have had Section 965 inclusion...
Temporary Procedures To Fax Certain Forms 1045 Due to COVID-19 Fax Form 1045 To Claim Quick Refunds ...
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