I've been working with Turbo Tax Home and Business.
I"m a sole proprietor with NOL from previous years.
My previous accountant tells me I have a NOL to use this year of -9,661. (I can't seem to figure it out myself using the sample worksheet in the government publication 536.)
I entered -9,661 at the correct space ("Less Common Business Situations" - NOL).
But at the final Review step I'm alerted to two errors on a worksheet that I have no direct access to. The items are Passive Operating Loss and QBI Passive Operating Loss.
For these two items, Turbo tax alerts me that my actual 2021 $-13,795 business loss (Schedule C), which has been automatically entered into these boxes, "cannot be greater than -9,661" and it wants me to correct these boxes in the worksheet.
1. To correct it, should I manually override what the program has done on the worksheet, using the Review
"Errors" screen, and just enter -9,661 (instead of the loss actually it is showing from Schedule C?) for both boxs?
2.If I do this, will I be told what my new carry-forward amount will be for next year?
3.Should I be using a different Turbo Tax edition instead of TurboTax Home and Businessto deal with NOL?
4.If I were to subscribe to the Live Help Deluxe (for a single Sole Proprietorship with NOL and Depreciation) would this be a better option?
5.Is this something Turbo Tax simply cannot do, should I forget TurboTax and keep paying big fees to a CPA?
