Hi Dawn:
Waiving the carryback under the Cares act,
is exactly what I want to do for TY 2020.
But how to WAIVE CARRYBACK in TurboTax? (I have the downloaded version TY 2020 Home & Business.)
2020 is the year in which I opened my short-term rental, with an ocean front beach condo, for biz.
In 2019, I incurred many expenses
(fixing and repairing the whole place, getting tons of sheets, blankets, and many supplies of all sorts)
and 1 capital expense (purchase of the business asset: real property, namely the beach condo itself).
2020, same month I was open: Beaches closed.
The wall-less beach tiki huts, bars and restaurants at our beach,
got cordoned off with yellow tape as if they were crime scenes.
The always buzzing with tourists building, turned into somewhat of a ghost building. Eerily empty!
Tax wise: 2020: A large, abnormal NOL to be carried forward.
Plus side:
TY 2021 was wayyyyyyy better: cabin-fevered tourists were flocking down here and partying it up!
A stark contrast to 2020.
I dipped deep into savings though, just to stay standing in 2020.
And: I am still standing 🙂
It seems crucial that I do my taxes and do them right in my first year of opening up for biz: 2020.
That is why I am so perfectionistic about this TY 2020 return.
And every time, I think I am ready, I realize there's a caveat that I am not sure of ...
And I wait longer, reading, reading.
I am worried to set myself on the wrong path in my crucial first year of 2020 of doing business.
Then: getting stuck with complications in TY 2021 and errors later on.
BIG Q: HOW DO I CARRY MY NOL FOR TY 2020 FORWARD - NOT: BACKWARD?
WHERE IN TURBOTAX DO I ELECT THAT?
Someone in these messages stated it is done for you in TT. Well, that would be great.
But on what page in TT do I check the "show form" button to see if that election to carry forward is indeed made?
PS: I am late filing past my extension, I know.
I kept meticulous receipts and filing system and
was looking forward to put all my record-keeping for my biz at work finally ...
I hope I am not too late for my choice of NOL carry forward.
And specifically waiving the NOL carry back.
I am not even sure if TurboTax has the Cares act aspect of NOL carry back 5 years built in or not.
